Lease end: repair or not?
Hello,
Our lease on a 2019 Niro EV ends next month, and I am seeking advice on how to proceed. It has 18,641 miles on it and ordinarily we would either extend the lease to weigh options or purchase the vehicle if doing so makes financial sense. However in the last two weeks the car suffered some damage to the right front fender after hitting a dislodged mud flap on Interstate 5. We have an open insurance claim, but have not had it repaired as yet.
I estimate the equity to be at least $3,000 over residual value based on offers from dealers in the last 6 months and some preliminary research with Kelley Blue Book.
This might be entirely without merit, but I'm thinking we can return the vehicle without repairing it, take the hit in the form of lowered equity value, and get in to a 2023 Niro EV. Is that possible?
If you've had experience with a similar situation, what did you do? Based on the current vehicle market, what would be a good option to pursue, as I may not be considering one at the moment at all.
Looking forward to others' input...
Our lease on a 2019 Niro EV ends next month, and I am seeking advice on how to proceed. It has 18,641 miles on it and ordinarily we would either extend the lease to weigh options or purchase the vehicle if doing so makes financial sense. However in the last two weeks the car suffered some damage to the right front fender after hitting a dislodged mud flap on Interstate 5. We have an open insurance claim, but have not had it repaired as yet.
I estimate the equity to be at least $3,000 over residual value based on offers from dealers in the last 6 months and some preliminary research with Kelley Blue Book.
This might be entirely without merit, but I'm thinking we can return the vehicle without repairing it, take the hit in the form of lowered equity value, and get in to a 2023 Niro EV. Is that possible?
If you've had experience with a similar situation, what did you do? Based on the current vehicle market, what would be a good option to pursue, as I may not be considering one at the moment at all.
Looking forward to others' input...
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