: Can I trade in a newly leased vehicle? Is it worth it?

04-23-13, 11:27 AM
Hi all!

I am a proud owner of a 2013 SRX. Leased it back in November, have only 2,500 miles on it, and made only 5 payments thus far (on a 36 month lease).

Up until last week, I was good to go with the lease as I only worked 7 miles from my home. For years that I have been leasing Cadillacs, I only put under 20,000 miles on them when I turn them in.

Now, my job is moving 45 miles away. There is no way I can put 24,000 miles a year on a leased vehicle that only allows 12,000 per year.

I have two options...

1. I can keep the Cadillac with its high lease payments and get a second crappy car (like a Chevy Cobalt or Ford Fusion) either new or used. Of course, it will mean an additional car and insurance payment.

2. I trade it in.

Now regarding #2....

I don't even know if that is an option being the fact the car has a brand new lease.

Would a non-Cadillac dealer even consider taking on the lease knowing that he/she could sell that car for far more?

Excuse my ignorance in this matter. I just don't know how these things work.

As always, your opinion on what is best to do here is appreciated.

04-23-13, 12:31 PM
I would go back to the dealership you leased it from and have a meeting with GM, and see what you could work out. It never hurts to be right up front with the people. Did you have a trade in? If not you are in a better position....I know the payments on the lease have to be fairly high. The
12k miles per year seems to be alittle light. Hope all works out. Good Luck!!!!

04-23-13, 12:35 PM
Thanks for the advice.

I just can't imagine what the folks at GM would do in my favor.

They are not just going to let me out of the lease.

04-23-13, 01:00 PM

Put it on here, someone could take it over.

04-23-13, 01:57 PM
They are not just going to let me out of the lease.

Right you are. About the only thing you can do now, is put X amount of $$$$ away
every week so it's not a total shock at the end of your lease.

That is why I have to buy. The 30K miles a year lease is not very attractive

04-24-13, 08:26 PM
I would recommend you just drive the car and then purchase the car at the end of the lease. You won't pay a surcharge, and then once you make a few months payments on the car, then trade it in for something else. You'll also enjoy commuting with the SRX !