Hi LeaseHackr Community, I have a potentially dumb question regarding my mother’s lease.
She is currently leasing a 2019 Lincoln MKC @ 36/10k. The lease will expire at the end of July but she’s on pace to be 2k miles over. She lives in PA and they want $20k to buy out the lease despite her paying $450 a month for the car.
Given the ridiculous buyout price, it would not be wise to buy out the lease and use it to trade in towards a new lease right? She absolutely wants a new car and is open to most options as long as it has AWD. I know it’s a bit early to ask this but she is a planner so she has been asking me what to do.
Residual values are contractual. $20k doesn’t seem ridiculous to me. Compare that against the fair market value of the car if you think it’s a scam. If she could go buy a similarly equipped used car of the same model and similar mileage on the used market for less, then let your lease run out and go buy the used car. Or you could just buy your own used car haha.