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Deeper but cheaper.......
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Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Thu, 30 Nov 2006 10:54:26 Share Post by Email
In Reply to: Terms of lease end, Marybeth, Wed, 29 Nov 2006 17:50:50
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Itsa' lose-lose, one way you lose $5k in mileage penalties, the other way you bury yourself $5k, by paying $5k too much (actually more like $7k too much, I make the trade in value at less than $10k), for an 80,000 mile convertible. You'll have to add tax and license to the $16,500, and who wants 5 years worth of payment on a 4 year old 80k car?

If you buy your lease out you'll be majorly stuck with the car. You'll be making major payments relatively quickly on a 100,000+ mile car. Paying the $5k mileage penalty get's you out clean.

Some creative salesperson could bury the $5k, it won't be easy, and you'll have a new lease with a finite expiration, and you might get a low money factor making the $5k hole you dug the least obtrusive. Plus you'll save by driving a newly leased vehicle, not a 4 year old 80k convetible.
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