Hello everyone,
Our 48-month lease on a 2022 Sport model ends in a year, and the dealership has contacted us because we’re nearing our 60K mile limit. What’s your advice?
Is it worth keeping a Telluride after 60K miles? Have you noticed any major maintenance issues?
Should I extend the lease or trade it in? We like the car.
How much leverage do I have with the dealership at this point?
Currently, I’m paying under $650 a month—can I get a new Telluride with a similar payment?
Lease payments follow a formula, and you can check the costs for different vehicles online. Extending a lease might be inexpensive, but leasing a car out of warranty isn’t ideal, as you might face repair costs. If you’re unhappy with the current vehicle, consider renting a new one within your budget.
Money factors are significantly higher now compared to 2022, so your negotiating leverage would mostly come from any equity you have in the 2022 Telluride. It’s worth having them run the numbers, but based on my experience and that of my friend, Kia dealers typically aren’t very flexible with negotiations.
You can likely get into a new Telluride with a similar monthly payment. In my opinion, it’s worth opting for the new model, which comes with a new 100k powertrain warranty and similar payments. It’s a matter of preference. I wouldn’t mind buying a Telluride with 60k miles on it, but I’d prefer one with zero miles.
If you decide to buy out the lease, it will still be covered by the 100k powertrain warranty, so you’ll have a few good years before the warranty expires.
Why is it surprising that people need to budget for their monthly car payments? That’s essentially what car payments are about. While you shouldn’t negotiate a car’s price based solely on what you can afford monthly—since that can lead to problems—this isn’t the advice I’m giving to OP.
Honestly, $650 a month seems high to me. If you can afford that, why not look for another vehicle with a lower payment, even if it’s not brand new? If you didn’t put anything down, have nothing to put down, or paid high dealer fees and market adjustments, it might be worth keeping your current car and acknowledging the market you helped create.