Tips on Buying Cars: Trading in a lease, mileage charges, gmc envoy

Question
Hello,
I am currently leasing a 2004 GMC/Envoy that has over 101,000 miles on it and the condition is fair. My lease ends in April of 2008 and I need help getting out of the Envoy/Lease and into a new Truck/Car. Do you have any suggestions?

Answer
I get this question a lot, and there's only one workable answer, but in your case it may be too late.  You need to park the Envoy and get a cheap used vehicle to drive until the lease is up.  If you keep the Envoy till the end of the lease, then they only care about the total miles and the condition.  If you turn it in early, then they'll pro-rate the mileage, which means you'll owe far more in lease mileage charges now than if you park it and let the miles "average out" over the term of the lease.  

I certainly hope you were allowed more than 10,000 or 12,000 miles/ year on this lease.  If not, then you'll be writing a significant check for excess miles when the lease terms out.  BUT- believe it or not, that may STILL be the cheapest way out.  Most people are tempted to just buy the vehicle out at the end than pay the mileage penalty.  But you'll be paying WAY too much as the purchase price is based on the vehicle with the originally-estimated mileage.  You'll most likely be financing the whole cost, and when you try to trade it in a couple years because of all the repairs and maintenance it needs, you'll never be able to get out from under it.  

I know you don't want to hear this, but this is your least expensive way out of this situation:  take a deep breath and just write the check at the end of the lease for the excess miles.  You'll regret having done anything else in the next few years.