Hi! I’ve asked this question over in Reddit and think I have the solution but I found this forum and just want to confirm.
I have a 2023 Pacifica Hybrid Limited that is leased through 9/2026. I’m currently 14k over mileage, out of warranty, and expect I’ll go over by another 10k by September. We went to the dealership to see if it would be more beneficial to buyout the lease now or trade in for a used car but I think the answer is to stick with it until lease end and I just want to confirm that.
If we stick in until the end of the lease my options will essentially be to pay the overage (at that point likely $5k) or buyout the car at a residual value that’s currently $10k over market? So does that leave my options at $5k loss or $10k loss? Or is buying it out if I like the car a smart move? Alternatively I could pay the overage and just get into a used car at that time since I really don’t want to pay as much as I’m paying now? But used Pachys without knowing the history are a bad idea right? So would it be better to stay with mine since I know it’s history?
I’m used to leasing and our last car we financed the buyout since our RV was great, until it was totaled by a tree. Sadly when I got into this lease I was desperate and think the dealer really took advantage of me and here I am in a low-mileage lease I never should’ve been in.
Not that it’s a great position to be in, but if you are ok with just turning in the car at lease end and having a $5k over mileage charge as your “worst case scenario” then I would just keep it till lease end then re-evaluate things as that time gets closer.
Buying it out at lease end is not the worst thing in the world, but you really just need to evaluate the market then in terms of your RV compared to other similar cars. I certainly would pay more for a car I know the history of, but $10k or $15k more probably not.
If it makes you feel any better you would have been paying for these miles if you had proper mileage lease anyway via a higher monthly payment…also if you owned as would get less in resale for the more mileage put on…so, yeah, just wait it out and don’t feel bad about putting miles on because you would be paying for them somehow anyway no matter what.
So you’re at about $10k underwater right now, if you sold the vehicle to another dealer/wholesaler?
Or if you wait another 9 months, you’re out $5k, 8 mths payments, insurance and dispo fee? Plus the risk of major repairs at any time since you’re out of warranty?
Pacifica’s aren’t well-known for reliability, right? Especially these PHEV’s? I’d try to minimize losses now and sell it to the highest offer…
Well he’s getting the utility of 9 months’ usage. That money isn’t just all going down the drain. And any replacement vehicle would have its own costs associated with it.
