Hi everyone… I have a Hyundai lease for 3 years, but because of a new job, I’m just 2,000 miles away from hitting 30,000. I didn’t drive much before, so 10,000 miles a year was fine, and 30,000 for 3 years seemed good, but now it’s different.
What should I do? I expect to drive about 10,000 to 15,000 more miles in the next year before my lease ends. Should I talk to the dealer before reaching 30,000 miles? Should I wait until I hit 35,000 or 40,000? Should I wait until I decide to change the car? Or what are my options?
Hyundai allows you to adjust the mileage easily… I have a lease that ends next week. When I started, I set my miles at 6k per year and later changed it to 10k by paying an extra £10 per 1k miles each year.
@Wyatt
Thanks! So should I talk to the dealer before I reach 30,000 miles to adjust the miles and maybe the price? A friend suggested waiting until after 30k, but I’m not sure.
Miles are only an issue when you return the lease. If you like the car, you can buy it. Or you can visit the dealer to see if they can swap your lease. I used to sell Hyundai/Kia cars. Let me know if you have questions.
@LizCampbell
Yes, I don’t want to keep the car so I want to explore my options. I’m not sure if it’s better to talk to the dealer before or after 30,000 miles. I was also thinking about trading it in now, but I’m considering switching to Honda.
@LizCampbell
You can’t trade it to a Honda dealer since it’s a Hyundai lease. Check JD Power and KBB to find your car’s value, then log into your Hyundai account to see the payoff amount. It might be best to buy the car.
@LizCampbell
Sometimes dealers cooperate to make deals that benefit both. The Hyundai dealer will want your car, and the Honda dealer needs Hondas. Also, check your lease; it might be held by a bank, which means it doesn’t matter. The money needed to end your lease stays the same, and there’s not much profit to help you get out of a lease where you owe more than the car is worth.
@LizCampbell
Usually, this only works if the Honda dealer is part of the same company. Asking them to handle a 30k car on a promise that the other dealer might buy it is risky. I’ve worked in the industry for over 15 years. Most Hyundai dealers use Hyundai Lease Trust, which charges a dealer fee if you’re not trading for a new Hyundai and you have to go through their dealer system to buy.
@LizCampbell
So, there’s a $500 disposition fee waived, and they’re more flexible on wear and tear charges. If you want to switch brands, it might be worth it. If you want to stay, it would probably cost less.
@LizCampbell
The disposition fee isn’t charged if the dealer buys the car instead of a standard lease return. There’s no wear and tear fee if the dealer takes it for their stock, only if it’s returned to Hyundai. The person who posted this, if you need help, you can message me. If I were you, I’d visit 2-3 Hyundai stores and get a ‘Buy Bid’ quote for your lease. If it’s close to the payoff amount, it might be worth it to end the lease.
Check your lease to see what the extra mileage fee is. Is it 10 cents or 30 cents per mile?
If it’s low, it might be easier to pay the cost when the lease ends. But if it’s high, you might want to see what the dealer offers if you return the car early.
It wouldn’t hurt to call and ask. The per-mile charge at the end depends on your situation. Just call Hyundai Finance with a simple question. It’s better to change the mileage before the contract ends.