diff --git a/include/nlohmann/detail/view/serializer.hpp b/include/nlohmann/detail/view/serializer.hpp
index 26bfb3225..7870601bc 100644
--- a/include/nlohmann/detail/view/serializer.hpp
+++ b/include/nlohmann/detail/view/serializer.hpp
@@ -44,7 +44,13 @@ class output_buffer
 
     void finish()
     {
-        m_out.resize(static_cast<std::size_t>(m_pos - m_out.data()));
+        const auto size = static_cast<std::size_t>(m_pos - m_out.data());
+        m_out.resize(size);
+        // do not keep a buffer that was sized for a much larger output
+        if (m_out.capacity() > 1024 && m_out.capacity() / 2 > size)
+        {
+            m_out.shrink_to_fit();
+        }
     }
 
     NLOHMANN_VIEW_ALWAYS_INLINE void reserve(std::size_t n)
diff --git a/include/nlohmann/json_view.hpp b/include/nlohmann/json_view.hpp
index 882101336..f984bdd33 100644
--- a/include/nlohmann/json_view.hpp
+++ b/include/nlohmann/json_view.hpp
@@ -24,6 +24,7 @@
 #ifndef INCLUDE_NLOHMANN_JSON_VIEW_HPP_
 #define INCLUDE_NLOHMANN_JSON_VIEW_HPP_
 
+#include <algorithm> // min
 #include <cstddef> // size_t
 #include <cstring> // memcpy, strlen
 #include <iterator> // distance, input_iterator_tag, iterator_traits
@@ -682,20 +683,33 @@ class basic_json_view
     }
 
     /// the number of source bytes of this value (estimated for values with
-    /// decoded strings)
+    /// decoded strings); the estimate sizes the output buffer of dump()
     std::size_t source_extent() const noexcept
     {
-        const node* const next = document_data::after(m_node);
-        const bool in_source = (m_node->flags & detail::view::node_flags::storage) == 0;
-        if (!in_source)
+        const node* const end = m_doc->tape + m_doc->tape_size;
+        if ((m_node->flags & detail::view::node_flags::storage) != 0)
         {
             return m_node->len;
         }
-        if (next != m_doc->tape + m_doc->tape_size && (next->flags & detail::view::node_flags::storage) == 0 && next->off >= m_node->off)
+        // the value ends where the next node in the source begins; nodes
+        // with decoded strings (their offset is in the arena) are skipped,
+        // but only a few of them, to keep the walk short
+        const node* next = document_data::after(m_node);
+        for (int skipped = 0; next != end && skipped < 16; ++skipped, ++next)
         {
-            return next->off - m_node->off;
+            if ((next->flags & detail::view::node_flags::storage) == 0)
+            {
+                return next->off >= m_node->off ? next->off - m_node->off : 0;
+            }
         }
-        return m_doc->size - m_node->off;
+        if (next == end)
+        {
+            return m_doc->size - m_node->off;
+        }
+        // the end is unknown: assume a few bytes per node, the output buffer
+        // grows should the value be larger
+        const auto nodes = static_cast<std::size_t>(document_data::after(m_node) - m_node);
+        return (std::min)(m_doc->size - m_node->off, static_cast<std::size_t>(1024) + nodes * 16);
     }
 
     /// the value of the first member with this key, or a discarded view
diff --git a/tests/src/unit-json_view.cpp b/tests/src/unit-json_view.cpp
index 3f35c6440..07ad71dcd 100644
--- a/tests/src/unit-json_view.cpp
+++ b/tests/src/unit-json_view.cpp
@@ -1183,6 +1183,40 @@ TEST_CASE("json_view dump")
         CHECK(json_document::parse(deep).root().dump() == deep);
     }
 
+    SECTION("the output buffer of a small value is small")
+    {
+        // an escaped key after the value: its node lies in the arena, so the
+        // source extent of the value cannot be read from the next node
+        const std::string big(100000, 'a');
+        const std::string text = R"({"small":1,"list":[1,2,3],"k\n":")" + big + R"("})";
+        const json_document d = json_document::parse(text);
+        const auto small = d.root()["small"].dump();
+        CHECK(small == "1");
+        CHECK(small.capacity() < 4096);
+        const auto list = d.root()["list"].dump();
+        CHECK(list == "[1,2,3]");
+        CHECK(list.capacity() < 4096);
+        CHECK(d.root()["list"].dump(2).capacity() < 4096);
+
+        // the whole document and the large value are unaffected
+        CHECK(d.root().dump() == ordered_json::parse(text).dump());
+        CHECK(d.root()["k\n"].dump() == "\"" + big + "\"");
+    }
+
+    SECTION("output that outgrows the estimate")
+    {
+        // ensure_ascii writes six bytes for each two-byte character
+        std::string chars;
+        for (int i = 0; i < 5000; ++i)
+        {
+            chars += "\xC3\xA9";
+        }
+        const json_document d = json_document::parse("{\"a\":\"" + chars + R"(","k\n":1})");
+        const json expected = json::parse("\"" + chars + "\"");
+        CHECK(d.root()["a"].dump(-1, ' ', true) == expected.dump(-1, ' ', true));
+        CHECK(d.root()["a"].dump(-1, ' ', true).size() == 2 + 5000 * 6);
+    }
+
     SECTION("streams and discarded views")
     {
         const json_document d = json_document::parse(R"({"a": [1, 2]})");