2015 Chrysler 200 Lease End, return or keep?
 

Hi Folks,

I have a 2015 Chrysler 200 S 2.4 that I had for the past 3 years, it's coming close to lease end, and I'm struggling to take a decision. I paid so far around 13K on it, and residual value on it from lease paperwork is 13,500 in addition to $350 purchase fee.

I know the vehicle got discontinued, and it will be very hard to fix it in the future with mopar focusing in new models parts, plus I replaced the transmission in the first month leased (defective). I also had issues with transmission for the first 2 years, that finally disaooeard after software update.

What do you guys recommend?

If I return the vehicle:
1. I have to pay $450 for desp. fee.
2. I have to pay $500 excess mileage (2000 miles above limit so far)
3. I have to perform some repairs to excess wear (seat cigarette burn, scratched 3 rims, who knows what else they will else will they require, that's my personal assessment)
4. Any other fees I'm not aware off (my first lease)

If I keep the vehicle:
1. I have to pay $350 for purchase fee
2. I have to finance the residual value of $13,500
3. I don't have to repair the excess tear if it's costy.
4. I live with the risk that it's a discontinued car, and repair, or resale in the future will be challenging.
5. Any other fees I'm not aware off

I really appreciate your help guys.

Thanks and Happy Thanksgiving!

You didn't include in your costs of returning the vehicle the costs that you will incur to replace it with something else.

Repair parts will be carried by Chrysler dealers for 10 years after the model year ends. If there are carryover parts for later model years those will be available for ten years after those model years end. Aftermarket parts will take care of wear items like brakes, shocks and mufflers for many years.

You didn't comment on whether you like the car or not. That may have some value to you.

Personally, I don't think leasing a car makes economic sense unless you are in a position to write off the lease as a business expense. For most people, it's a more costly option than buying. The most cost-effective option seems to be buying and keeping for a long time. ("a long time" means for years after the car is paid off. Not having a car payment is a good thing.)