Overhaulin'

Car lease early termination versus buy-out at lease end?

I have a 2005 Accord coupe with 60,000 miles. It is a 3 year ,45,000 mile lease which ends in July. The way I figure things, I will owe appx $4,000-$4,500 in mileage overage fees at the lease termination. The buy-out on the car is set at $12808 ($13704 with tax). I was curious whether I should do an early termination (which will cost me the remaining months' payments of $2850 rolled into the new financing) and BUY the new accord (which I love), hoping that they don't stick me with the current overage charges of 15,000 miles. Or the other option is to wait until july, and buy the car out for $13,000 and try to sell it. It will have 75,000 miles on it appx and the car is in MINT condition....likely worth about 11,000 at that point I'm guessing. I will loose about $3,000 that way too....sooooo..Suggestions?

Public Comments

1. yikes...thats a hard one...but I think that I would try to do the early termintation and talk to the dealership regarding the new accord. Im sure if you tell them that you will be buying the car from them maybe you can work something out so that you wont have t pay the overage charges....but you dont want to get stuck with a car that you dont like and has alot of miles on it already.....good luck!
2. if you want the new accord talk to the dealer you leased the car from and explain the situation to them and they might waive the mileage overage and the early termination fee. just be sure that they actually waive it, and aren't just rolling it into the amount you are financing for the new car. if you buy out the lease you should intend to keep the car. trying to sell a used car (no matter how mint you think it is) when a newer version is out on the market is a big hassle. i don't recommend this approach