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



NJRonbo
04-23-13, 10:27 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.

Likely
04-23-13, 11:31 AM
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!!!!

NJRonbo
04-23-13, 11:35 AM
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.

adamjeeps
04-23-13, 12:00 PM
http://www.swapalease.com/

Put it on here, someone could take it over.

GMJim
04-23-13, 12:57 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

algiorda
04-24-13, 07:26 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 !