Lease almost up--many miles not used--advice wanted
#1
Lease almost up--many miles not used--advice wanted
Will reach the end of my lease (G37 Coupe--loaded) this summer. I thought I was going to use 12K miles a year but changed home location and will have used only about 20K miles instead of the 36K when the lease ends. I really like the car and would probably get the same one again but in a 2010 model although that seems a waste of money as the car hasn't changed (I was very early in buying the current model) How do I handle the unused miles. Can I get a credit to apply toward the new lease? Should I lease for another year with only a few miles assigned to the lease? Sell it (although I don't want the hassle) as it will be worth more than the lease value. Comments are appreciated.
#4
Registered Member
Use it or lose it! I second the road trip idea!! Or if you really like the car, you can buy it, keep it for another 2 years or till the new G hits the market! Or just let the G go and try another brand, maybe the 335 or A5, after all, that's what's nice about leasing!
#6
^That's a huge open-ended question and the biggest factor of which will be what is the buy-out? If you got a great lease deal it may be in part to a high, residual in which case your buy out may be higher than you can buy another used G for. End lease buy-outs rarely are equitable. There may be a confidence factor with your current G that have some tangible aspects and make purchasing it at the lease end of value to you personally. Either that or some people purchase because they are way over on miles and still like the car they have. Obviously, only a cash purchase will eliminate your payments.
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#8
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Join Date: May 2008
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First two options I would recommend exploring is as a trade-in or a private sale. Yes you can sell you lease even though you don't "technically" own the vehicle. See if it will fetch close to your payoff amount, which you can find by calling IFS or through your IFS account online. If neither will at least get you off without a loss, I would recommend what others suggested, ROAD TRIP! I'm in the same boat, averaging slightly above 10k per year even though I leased for 12k per.
#10
First two options I would recommend exploring is as a trade-in or a private sale. Yes you can sell you lease even though you don't "technically" own the vehicle. See if it will fetch close to your payoff amount, which you can find by calling IFS or through your IFS account online. If neither will at least get you off without a loss, I would recommend what others suggested, ROAD TRIP! I'm in the same boat, averaging slightly above 10k per year even though I leased for 12k per.
#11
Well, you said you LOVE the car, so, if payoff - over mileage charge <= retail price, you should buy it...unless you want to sign a new lease. The question is "can you get a better car w/ your payoff - over mileage charge?".
#13
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iTrader: (16)
I mean what ever the payoff amount is , upside is I won't deal with payments and can save money for something else or invest more in the G... Downside probably getting into another lease-more payments but a new car I really would love to keep the car but dam there is always something better and like now I want an IS-F bit lease payment would probably be higher and that's what I don't want ... I already financed a 350z and leasing a G and I invest a lot of $$$ into my cars that makes me feel I wish I just kept and owned and put mire $$$ in my pocket.
#15
Registered User
iTrader: (16)
Yeah about that, and honestly would be my next car if I continued Lessing but Dam imagine hving a stock IS-F with that payment lol would not have enough to mod! Anyway I'm only 23 and have bigger goals and very happy with the G and they way it's modded so I could def see myself keeping this car and owning it