Lexus Offers Cheaper 5,000 Mile Leases

Going Low

There are a lot of folks out there in the world that simply don't drive much. This is especially true in our pandemic-ridden world, where many people are working from home until further notice. So it makes sense that at least one automaker would offer a super low-mile lease, giving these folks a chance to have a car yet at a lower cost. And that's exactly what Lexus is doing right now with its 5,000-mile leases.

Photos: Lexus

Something New

Low-mile leases are nothing new, of course, as 7,500 mile-per-year contracts have been around for some time now. But 5,000 miles is obviously a new thing. In fact, Lexus was the only automaker offering such a deal until just recently, when Lincoln joined in with their own 5,000-mile leases.

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Potential Savings

The obvious benefit of such a low-mile lease is the fact that your monthly payment is going to be lower. So for someone that already drives less than 5,000 miles per year, this would present decent savings over a 7,500-mile lease. Of course, going over that mileage comes with a costly penalty, however.

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Crunching Numbers

For example, on a vehicle with a $58,000 MSRP with 10% down, a 36 month lease at 15,000 miles per year would cost $725 per month. Those same terms, with a 5,000 mile per month lease, would result in a monthly cost of $648. However, going with the 7,500 mile lease doesn't cost a lot more, with monthly payments coming in at $663.

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Makes Sense

Still, choosing a 5,000-mile lease over the 7,500-mile lease adds up over time, and ultimately costs $540 less over the course of the 36-month lease. So if you aren't going to exceed that mileage limit, it obviously makes sense to opt for the lesser terms.

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Fine Print

Problem is, if you go over that mileage, you'll pay a hefty penalty to the tune of 25 cents per mile. This can easily add up to far more than what it would have cost to simply get a higher-mile lease to begin with. 

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Cautious Optimism

So in short, yes, low-mile leases do make sense for a number of people, and it's obviously a smart thing that Lexus would offer them. But at the same time, customers should also be cautious about signing on the dotted line, if they're not so sure about their own future driving habits. 

Photos: Lexus

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