Car leasing is great. I can think of no other way of driving a car.
But, one of the downsides is when life happens and we suffer damages and/or go way over the mileage allotment.
OK… I need your help Markus! After reading your “How to turn end-of-lease cars into extra cash”, it sounds like I’m pretty screwed with my current 2016 Lincoln MXK Select lease. When we first got the lease, my wife worked 5 min from our house. A month later she switched jobs and has been putting on 40+ miles per day on her SUV. Therefore, she’s already at 52,000 miles and we still have 4 months left on the lease! The total amount of mileage allowed is 39,015.
Here are the details:
39-month lease (ends Aug 31st, 2019 – 4 payments left)
Payments: $569 per mon.
Mileage Allowed: 39,015
Actual Mileage: 52,000
Cost of Overage: .20 per mile
Buy Out Option: $27,332.60
What is the best option for me that would cost the least amount of money? We’ve been leasing cars forever and never ran into a situation like this. This sucks!
Also… She just rubbed a curb and took a chunk out of the side wall of one of her tires. So I need to get a new one. If I’m handing the care back into Lincoln, do I have to replace the tire with the same exact brand and model number? If not, I’ll guy by a $89 tire instead of spending $230 on the OEM one.
Any help will be greatly appreciated! Thanks!
Have no fear, Markus Allen is here to deliver some potentially GREAT news:
Your timing is EXTREMELY fortunate.