I’m in the DC area and have recently found this forum. I’ve never considered a lease before but you guys make things very interesting here. The issue is that I commute quite a bit, so my yearly mileage would be roughly 15,000 just driving to/from work. I am looking for a compact to medium size SUV and I was hoping for some input to see if it’s cost effective to lease with mileage like this.
My concerns are my total over 3 years and of course being under warranty for maintenance/repairs/etc vs just buying outright. If there is value in leasing with higher mileage, which brands should I consider? I have no specific brand that I have an eye on. I currently own a Chevrolet if it matters.
Sorry if this is in the wrong forum and thank you for your help!
leasing does work for high mileage drivers. I leased my 2019 Tacoma for 24 months/15K miles per year. TFS only charges $.15 per mile (plus tax) if I go over. With 10 months to go, I hit 26,000 miles the other day. Even if I go 15,000 miles OVER, it will only cost me $2,250 (plus tax). If I had bought my Tacoma and decided to trade it in (or sell) after 2 years (with 45,000 miles), my truck would be worth significantly less than ($2,250) a similar Tacoma with 30,000 miles. Even if you have a company that charges $.25 per mile and go 15,000 miles over, it would only cost you an extra $3,750.
Depending on the brand, you can buy/pay for extra miles before your lease is up. You might get a reduced rate vs turning in with mile overage by getting before.
You can do that by calling the lease holder at anytime, not just at time of signing.
So, I know that in my area at least, its very popular for Ford and Lincoln dealers to lease cars at 17,500 miles and have even seen once a 19,500 mile/year lease at a Ford Dealership. That might be something to consider, depending on what youre looking for. Another idea is doing a 15k mile lease and prepaying (you get a lower rate usually) the extra miles you are looking at driving. Another option is doing 15k and using a pull ahead program where they dont consider the miles (atleast in my experience)
I used to be in this exact situation. I had a few cars with 25,000 miles a year contracted. Ideally you can find something that has lease support on a 2 year contract (staying under warranty during your term). I found that the Asian imports typically had lower cost per mile over 15k a year (.10 up front vs .20). Anything over 15k a year is deducted from the residual. We have a few highly respected brokers on this forum in your area. I would have a chat with them and let them know your goals up front. Especially being a Newbie you need someone on your side.
Good to know. I would highly consider a broker since I really don’t know what I’m doing. The hard part is of course trust. That’s why I appreciate this forum and the users for their input here.
