Cadillac Lyriq - Going over mileage

Ask the Hackrs
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1

Hi!

I am currently leasing a Cadillac Lyriq with a 2-year, 20,000-mile limit. I have about 8 months and 5,000 miles remaining on my lease. I’m on track to exceed the mileage cap as I do about 1,000 miles a month. Could someone please help me understand my options? This is my first lease, but might this be right?

  1. Pay for the extra miles when dropping it off (I need to check the per mile rate)
  2. Buy the car at the end of the lease (my buy price seems really high so I am not sure excited to do that)
  3. Extend the lease somehow (like an extra year with 15-20k miles?)
  4. Use another car we have and use the lyric for special short trips
  5. Prepay extra mileage at a discount?

…Or am I able to return it early if I hit my 20k limit and pay out my lease remainder? Just so I dont have it taking up space.

I contracted my local dealership but never heard back. Should I be contacting Cadillac financial instead? It is a really nice huge family car which was unexpected.

Thanks so much!

2

Yes.

The mileage penalty rate will be in your contract. If you’re really only going to go 3K over the limit, I assume that simply keeping the car and continuing to use it as your are will be (by far) the cheapest option.

You mentioned, buying out the car is likely not a good idea b/c of incredibly inflated residual value will likely not come anywhere close to real-world resale value.

3

Your cheapest and (most likely) best option is to just set a little extra money aside each month and continue driving the car as usual. Your mileage penalty is probably 20-30 cents per mile, meaning you are looking at $600-$900 in excess mileage charges. It sucks, but it’s not worth doing any crazy like turning the car in early (which may have prepayment penalties) or buying it outright at a value that is more than the vehicle is worth.