What are my choices? My Model Y is three years old with 60k miles, though I haven’t been driving as much this past year. Leasing is way cheaper, so should I just pay for the extra miles? Should I buy out the lease when it ends? Or maybe lease for the discounts (when they return) and then buy it out in a month or two? I don’t know much about leasing, so any advice is welcome.
I don’t like keeping cars for more than three years, but I also drive a lot, which means I’m always upside down on my loans. What should I do?
I was in the same boat and went with a 3-year lease at 15k miles a year. Extra miles cost $0.20 each, so it’s not a huge penalty.
I’d say try the lease and see how it goes. If you really like the car, you always have the option to buy it at the end. But with a lease, at least you have a way out if needed.
Ronald said:
Why not buy used and save money on depreciation?
Would buying used really save much? Some dealers are knocking $10k off MSRP right now, plus other discounts. A new one might end up costing the same, or even less, than a used one.
If you plan to buy the car at the end of the lease, you won’t have to pay the mileage overage. But if you’re driving that much, leasing usually isn’t the best deal. Unless they’re offering big discounts, I’d avoid it. If the lease comes with great incentives, then sure, take the lease and decide later. You don’t need to make that decision now.
Most leases are for 10k or 12k miles a year. Since you don’t like keeping cars long, leasing could work. But with 8k extra miles per year, the overage fees will add up fast. I’ve seen some leases charge around $0.50 per extra mile, which means you’d be paying about $4k a year just for the overages.
Why would you want to buy out the lease at the end? You could just keep driving your Tesla until it’s paid off or at least until you break even.
@MaxKiaEnthusiast
Same here. I leased a 25 GT Line, and they said the same thing—just trade it in for a new one, and they’ll waive the mileage overage. I also got the excess wear coverage, so I don’t have to stress about small damages. I plan to swap it for a newer model with the NACS plug later.
@MaxKiaEnthusiast
Did they put that in writing? Dealers sometimes forgive minor overages if you get another car from them, but it’s not an official policy.
arletetorres said: @Rafaela
I read that it’s only $0.20 per extra mile. That means $200 per 1,000 miles, which isn’t terrible.
That’s a lot lower than I thought. I guess it depends on the dealer. This is only my second lease, and I’m at 10k miles per year. The EV9 will definitely feel more comfortable than a Tesla. Hope it works out for you!
@Rafaela
I need a bigger car since my family is growing. I’m a few thousand upside down on my Model Y, but it’s not too bad. I love my Y, but we’re planning for a second kid, and I really want more space and captain’s chairs. Do they offer 15k mile leases for the EV9?