Turn in or buy car? Lease?

I have a 2015 Honda Accord (with leather). It is a lease for 3 years, 36,000 miles. The car is very reliable, gas is pretty efficient, and the design is nice. However, I'm not fond over the car as I was to my previous car. I'm going over my miles soon and I have three choices: Pay the extra miles, pay the rest of my lease early and turn in the car before I hit 36k, or purchase the car. The extra miles would be plus what I owe left on the lease, I can pay up front early the rest of my lease and turn in the car early, and I can always buy the car ($16,000). I don't want to pay mileage, so that option is taken out. It's either pay my lease early and turn in the car before 36k or buy the car and keep making monthly payments.

If you're driving that many miles in a year's time, then you should probably NOT be leasing a car anyway. Seems to me that your least expensive option would be to buy the car and keep it until it's paid for. At least that way you will have some cash value in the car when it's time to move on to your next new one.

You could try to find someone to take over your lease on a website like leasetrader.

Don't know anything about your lease terms, so I'm using some random numbers. And we really can't give you any guidance as there are too many variables relating to this lease and your financial picture. Most people who lease cars don't really assess the cost or limitations of a lease. Leasing a car for individuals isn't really cost effective. Can't deduct the cost of the lease because it is not a business expense. If I were to lease a car, 12,000 miles/yr would only allow me to drive it to and from work. No vacations, few trips to the grocery store. Your situation is going to be expensive no matter which way you go. Buying out the lease and turning in the car would leave you to have paid for a leased car you no longer have to drive. I presume you are about 1/2 way through the lease contract. Whether you buy this lease car or turn it in and buy another, you'll be making car payments (or pay full cash). So that issue is a wash. Paying the mileage which could be $0.20/mi isn't that much extra - example 10,000 excess mileage = $200. Also consider that THEY determine any adjustments to the residual value based upon excess wear and tear on the vehicle. That can add to the cost of turning in the car. You might have to pay for detailing the car to get it into re-sellable condition. All four tires must be in decent condition and be of the same brand and tread design.

Ending a lease early is always expensive and the total cost will be Way more than continuing with the lease and paying the mileage in the end. Of course, if you purchase the car in the end, you avoid the mileage fee, but you'll pay more for the car than a similar car with the same mileage on the used car market.

Fact is, if you drive lots of miles, you pay for it one way or another -- either in the diminished value of the car, or in the lease-end mileage fee., You can never escape it. You simply decide which way you want to pay for it.

Pay the miles after you turn it in. Never lease a car. It's like renting shoes.

Buy the car at lease end. You have to make payments in the meantime.

Of course your credit will still need to be good or you won't qualify for a loan. And if you go Way over on the miles, they might not lend the purchase price so you might need a few grand down.

No hurry to do anything.

Do the math. Don't look at payment amounts look at hard numbers.

You should be able to get a figure for all three options.

You can then decide how much the issues you don't like about the care are worth to you.