Any advice on what’s best to do when driving 17-19k miles per year? Thanks!
Lease will work, find something cheap from the manufacturers who only charge 10 or 15 cents mileage overage. The heavier depreciation will be their problem at the end of the lease.
You just need to run the numbers for both. Hard to say much more without knowing what car we’re talking about.
If your driving is more regular, as opposed to infrequent but long road trips, and if you can charge an EV at home, NC has pretty cheap electricity. If you can leverage time of use charging it can be even better. When you are driving 15K+ miles per year fuel costs start to have a much bigger impact in TCO.
The old fall back of financing a hybrid Camry is also always a prudential, if boring, choice.
Beyond that it is all about budget and personal preference.
“How long is a piece of string?”
This is simply far too vague and too open-ended of a question, with very little context.
Yup. Toyota is the way to go with this. $0.15 per mile if you go over. With something like a Camry or a Corolla you’ll be able to sell it to a 3rd party vendor for about what your buyout or maybe a few bucks more depending on the market conditions. This way you won’t have to pay lease return dispositions fees or pay for over mileage.
Just left a Hyundai dealer lot and he said if you buy the car after the lease they waive any extra miles. He said a lot of people know they’ll buy the car after lease so they just drive a lot of miles and have extra fees waived when they return. They get the lower lease monthly price the first few years without penalty.
Unless I’m missing something, there’s no penalty fee for excess mileage whenever you buy the lease of any car b/c… you’re buying out the lease. The buy out is contractually defined based on the point in time at which you’re doing the buyout and never by the miles driven.
The RV/buyout is higher too tho…
That is not usually a good strategy unless the lease had a very low MF and a low RV. Many vehicles are worth less than RV at end of lease especially if the lease was heavily subsidized by the manufacturer. It can work with some vehicles that hold their value very well, like some Toyota and Lexus vehicles.
This is it ..Can we mark this as resolved?