Extending mileage on lease

[jmeitz]

So i signed a lease for 213 for 15k for 2 years. I thought of uping the mileage to 18k per year as i realize i can drive this around more than our two SUV's. The dealer wants the payments to be 240 a month if i go 18k? Does that seem fair?

 

[TomT]

You are likely better off just paying the extra mileage charge at the end of the lease.

So i signed a lease for 213 for 15k for 2 years. I thought of uping the mileage to 18k per year as i realize i can drive this around more than our two SUV's. The dealer wants the payments to be 240 a month if i go 18k? Does that seem fair?

 

[Deleted member 3147]

You are likely better off just paying the extra mileage charge at the end of the lease.

So i signed a lease for 213 for 15k for 2 years. I thought of uping the mileage to 18k per year as i realize i can drive this around more than our two SUV's. The dealer wants the payments to be 240 a month if i go 18k? Does that seem fair?

Assuming that your overage charge is $0.15/mile (common) and you drive an extra 3K/year, the overage works out to $450/year or $37.50/month. Add that to your $213 and you end up at $250.50/month.

If you up the mileage on the lease and actually drive 18K/year, you'll save $10.50/month. However, if you drive much less than 18K, you're better off just paying the overage. Also, you won't need to come up with the extra until the end of the lease.

 

[RonDawg]

$10.50/month is a mere $252 over a 2 year period. I would just stick with your current lease and pay up any overages. Remember too that you may still have to use your SUVs for long distance road trips and other things like hauling, and that will keep your Leaf miles down.

If the thought of paying $900 suddenly at lease end scares you, just put an additional $37.50 per month ($900 divided by 24 months) towards your savings.

 

[LTLFTcomposite]

$27 a month more X 24 months = $648 as opposed to overage penalty on 6000 miles will be $900. It comes down to whether you really will drive those extra miles. 17,160 miles / year is the breakeven.

 

[RonDawg]

It comes down to whether you really will drive those extra miles.

That's the issue. I thought I was going to have a hard time keeping my Leaf's miles down to the 12k/year limit. I've had it almost 3 months and yet the odometer barely reads 2200 miles. I had to really try to get that far too; when you car doesn't have a QC port, it limits how far you can travel with it between 8 hour + charging sessions. Even more so when there's no public 240v charging stations in the areas you'd prefer to go.

Given the overall difference between a re-negotiated contact with the higher mileage, and any potential overmileage charges on the original contract, is just a bit more than one payment of the new contract, I would just take the chance, especially if the OP has alternate vehicles to use.

 

[TomT]

I figured I would drive about 15K a year and got my lease accordingly. So far, it has worked out almost exactly as planned...

 

[jmeitz]

Extended to 16500 with a payment of 226. No money down.

 

[mkjayakumar]

How do you plan to drive 18K in a year ? What is your driving pattern that will get you to drive that much in a year ?

 

[jmeitz]

How do you plan to drive 18K in a year ? What is your driving pattern that will get you to drive that much in a year ?

Actually got the 16,500 as I drive 13000 miles a year back and forth to work. 40 miles a week to the gym and then approximately 30-35 or so miles on the weekends.