Hello,
I have leased a fully loaded 2017 about two months back (0 down, 10k miles, 460 a month, FL)
The mistake I made (knowingly) is that I asked for 10K miles.

As of right now I will exceed this by 6-8000 by the end of the lease (3 years). The cost is .24cent per mile.
Does anyone have input on this matter? buy it at the end of term (25,000$) vs pay off the cost of the extra miles.


If I re-lease, will the dealership "forgive" some of the extra miles perhaps?


Thank you for your help.

 

That's only a couple thousand dollars at the end of the lease, not really that big of a cost. You could go ask your dealer to change the lease terms to see if a smaller increase in monthly payment would afford you more miles. In the end, it's probably a wash.

 

Thank you sir, you put my mind to ease

 

If you go 8000 miles over the mileage allotted in the lease terms, the excess mileage charge will be $1920. If you put those extra 8000 miles on the car, they will reduce the trade or resale value of the car by about $700. Thus, if you buy the car at the end of the lease and sell it for its reduced value, you should still be over $1000 better off than you would be if you were to turn the car back in and pay the excess mileage cost.

The bottom line is that the reduction in trade/resale value of the car because of extra miles is only about 1/3 of what the cost of the excess mileage charge would be.

 

Thank you again!