Should i buy my leased car or should i trade it early?

Question

i have a honda accord ex 2006 which will be due to turn in in may--9 months from now.

i am allowed to have 12,500 miles on it, but so far i have near 70,000 miles. i will be paying 15 cents per mile when i return it. now here is the trick. i had 2 accidnets on it--rear bumper, just external damage and everything is fixed.

i should pay $15,000 if i want to purchease it when lease is over, or just return it with paying (i do not know how much $$).

Now, since i drive a lot, by next year, i will end up with way much more miles..

i am paying right now $415.00 /month as lease payment..

what is the best think and wisest think for me to do?

i did not maintain that car so great..menaing i fill cheapest oil, and do not take it to maintance expect to change oil.

please advise, and please exp;lain for me whya it is wise to do so??

Answer 1

You can buy it and keep driving it, or trade it in. the smartest thing to do, is to keep making the payments, and buy it at the termination. Then drive it until it's dust. You only lose money on a car, or anything else for that matter, if you create a transaction. If you keep it and drive it, it's just your car and the value is irrelevant until you get rid of it.  If you're just sick of it and want to get rid of it, you're going to get hit one way or another. Buy it, trade it, doesn't matter, those miles affect the value of the car.

Answer 2

you're going to be paying at least $8,625 for the extra miles - but since you're driving it another 9 months, that number is going to go up. You'll probably end up paying close to $10,000 extra for the car in 9 months.

I would try to trade it in. And if you can't do that, you're going to be better off buying it. You'll only pay $5,000 more and you'll have a car to use for the next few years.

Answer 3

If you trade it in you will most likely be upside down, if you keep it until end of lease your looking at probly at least 10k in over mileage fees and if you buy it for 15k , you will have the car but with that many miles the car is wont really be worth that. So no matter what you do your in a bad situation.

I guess heres the thing to ask yourself

How well do you like the car?

Are you willing to take a loss to get out of it?

Also Purchase your next car, you drive way to much for a lease

Answer 4

Yes, as alluded to in a previous answer, you are not a good candidate for leasing. I would not do that again.

You have to know what the car's worth before trying to trade it in. Since you only had it for 2 years, I can make an educated guess that you will be upside-down in it. However, you have to weigh the two upcoming costs (cost of turning it in at end of lease and paying the mileage fees vs. cost of trading upside-down, how much it will cost you to even-up) and decide which is more beneficial for your bank account.

Also, not to lecture, but if you're putting on 70,000 miles in 2 years' time, I would do my best to maintain whatever vehicle you choose. You're only asking for trouble by skipping out on maintenance.

And, again... do not lease your next vehicle.  

Answer 5

u should trade it early to get another car or have some money in ur pocket fr hard times