Thought to get out of lease and into another

22 months left on a 36 month lease
2013 Kia Optima SXL
Residual is around $19.5k and my current buyout is around $24.7k
I will be waaaay over on miles when this is all said and done
At that point I will either trade in for another lease or purchase outright and keep on driving it.

I use this for work and work pays for the lease but not any fees due to over mileage. I will likely be over by 16k miles.

Am I better off waiting till the lease is up to get into another vehicle or look for a good deal now?

Trade in is around $18k-$19k today. So I assume I will need to roll over the $5k from the buyout into the new lease.

Anybody ever get a decent deal like this? My strategy would be to get into a 24 month lease on a car with a better residual. Basically, this lease is no win and I don’t when would be best to make a move.

Hi there,

Is there a limit to how much work will pay for your lease? Can you roll in the $6,000 negative equity into a new lease, and have work pay for that?

If you’re over by 16K miles, that’s $3,200 in overage charges (assuming $.20/mi). That’s a lot less than $6,000.

Lease limit is $400/month and no, they will not pay the negative equity.

I am trying to figure out the lease expensive way to get out but it looks like the best thing to do is wait until the lease is almost up and depending on negative equity, get a dealer to take a bit of a loss on the front end in order to make some money on the back end.