My lease on my 99 Cab is coming up in the next six months. The problem is that in about 3 months I will be at my mileage cap limit. I spoke with Porsche Financial today and they told me that I could not "buy" additional miles at this stage or renegotiate my per-mile overage cost. Do you guys think that if I went to the dealer who originated my lease (Bev Hills Porsche) that I would have any options for them to get me into a new lease with relative ease or minimal cost so that I don't have to go over my mileage cap and may a per mile cost. Any thoughts, tips or advise appreciated. btw, I am not interested in buying my current car at the end of the lease and I am interested in getting into another one except this time I will better estimate my miles up front. Thanks, Rio
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YOUR RESEARCHLease Ending Soon - Options?
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The key is your residual value in the lease. If the residual value is more than current market value (as it may very well be), you will likely need to turn the car back to the leasing company and let them take their loss. If the residual is at or below current market value, you may have some trade-in value. Before lease end, they will calculate a current payoff, which is what you are dealing with; it will probably be only slightly more than the residual. If you trade, the dealer will have to pay off the car at the residual or earlier current payoff amount. However, near lease end, some leasing companies may negotiate a buy-out price if the residual is above market value, therefore giving you (or the dealer you trade it to) a slightly lower payoff.
Do you have another car to absorb some of the miles? You are only talking about cutting your miles in 1/2 (or less than than since you said it was up in the next six months). I know it's hard to not drive the P-Car but you need to look at the cost of going over v. the cost of not driving and make your decision that way.
If the residual is less that the value that you could sell it for, just sell it and pay off the lease. No mileage charges and you get to pocket a few dollars.
Good advise - thank you - I'll find out what the residual value is (don't recall off the top of my head) and look at what KBB value is if I were to sell it. I don't have another car to absorb the miles as it's my daily (only) driver unfortunately.
I would just play it safe and try not to go over too much. If you plan to get another Porsche, especially from the same dealer, sometimes they can make an exception and negate the penalty or minimize. Best of luck
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