Early car lease return

4dimad

Hello, I need an advise on early car lease return. Leased CX5 last year in December 2015 for my daughter. Two months later she got the job - vising kids with disabilities at their home, as a result she is driving a lot. As of right now instead of 12K on odometer she has 27K miles. I was thinking about early car lease return, replacing her CX5 with the newer car, and maybe negotiate more mileage per year. Is this a good idea? Any advise would be greatly appreciated. Thank you.

kyfdx

4dimad said:

Hello, I need an advise on early car lease return. Leased CX5 last year in December 2015 for my daughter. Two months later she got the job - vising kids with disabilities at their home, as a result she is driving a lot. As of right now instead of 12K on odometer she has 27K miles. I was thinking about early car lease return, replacing her CX5 with the newer car, and maybe negotiate more mileage per year. Is this a good idea? Any advise would be greatly appreciated. Thank you.

At 27K mi/yr, leasing doesn't look like a very good option.

You can ride out the lease, and have about $6750 in mileage penalties. Or, ride it out, then purchase the car (used, with 81K miles), or trade it or buy it out now. But, no matter what, the payments are going to rise, significantly.

Driving 27K mi/yr is expensive, especially with a new car. I hope her employer reimburses her for mileage. If they do, she should be putting that money away, to pay the penalties.

Mr_Shiftright

With that level of usage, you shouldn't be leasing at all. I haven't done all the calculations but it seems like the best decision is to buy the car, either now or later. She can use her mileage re-imbursements to supplement the increased monthly payments of a purchase.