I leased a 2017 Chevy Volt Premier in March of 2017
At the moment I had no commute but a baby later and we had to move for baby sitting so ended up with a long commute.
I have to turn the car in March 2020
I was allowed 45000 miles and I am currently at 55,000 miles
Residual value of car next March is $18,800
KBB has my car value at $19,300
I owe $2000 in payments still plus the excess miles they will charge me in March. Car also needs new tires so I’m sure they will bill me for that.
Any suggestions on working my way out of this, I know I’ll have to lose money just trying to minimize.
Get a quote from vroom, carvana etc for them to buy right now. How much do you expect to be over by March 2020, 20k+? Got to see how you can get out with the least hit, selling it or paying the overages. Or just buyout and keep it. Going to pay one way or another
I have stopped driving it and using my sisters car to commute.
I expect to maybe be over 15k at the most.
You’re not losing money, you’re paying for the usage. No such thing as a free lunch.
Either sell it now and get a different/cheaper car that you’ll still have to pay for or pay the overmileage at lease end. I don’t know what the actual mileage depreciation of a Volt is but it’s probably not too far from $0.25/mi.
Not really sure what else there is to say.
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Yeah it’s .25/mile
I’m going to try and sell it. I guess the goal is to minimize my out of pocket expense. Whether it’s about 3k or more in March or if I can make it a bit less and sell it now.