Does mileage allowance matter if you tend to just lease another car instead of turning it in?

nj
ny
#1

I see most lease quotes with only 10k miles allowance. I normally drive about 11k per year. Since I normally would just lease another vehicle and have the dealer take in my previous lease, does mileage allowance matter? can I get away with leasing quote of 10k miles?

#2

It depends. Some will forgive the a small part of the overage and some won’t. You can also just lease 12k miles to begin with.

#3

The difference between 10K & 12K is 1% Of MSRP so typically around $500 or $15/month, so not a huge cost savings. Although some brands forgive limited overage, but probably just best to go with what mileage you expect to drive. It’s around 1/4 cheaper to buy it upfront than pay for the overage.

#4

I have to try and make it to the end of September with only 2560 miles left before I go over allowance. With a 32 mile roundtrip commute each day….it’s gunna be close!

#5

I’ve sold my last few leases to Carmax instead of turning them in. It always turns out cheaper than a new set of tires, overage on miles and disposition fee.

#6

Makes total sense if you’re wringing every dollar out when shopping for a car.

#7

I’m 1000 over in mileage but I called USBANk and ask for 2 more months extension. according to agreement, I get additional 1000 per month. So I think I’m saved with having to pay for overage. But with that said, since I’ll be leasing another car, wont the dealer just (normally) take my current lease as is no matter what mile?. So at least I won’t have to worry about dings and scratches and the other fees

#8

That’s not how it works at all. The dealer is just “grounding” the car, but it’s owned by the bank and the majority of the time it’s sent to auction. Depending on the manufacturer, inspections are done by a third party to determine amount of damage, which the dealer has no control over. Sometimes the dealer will take it and get it process as part of new lease, but they don’t have the authority to waive excess mileage or significant damage unless there is a specific program in place with the captive. Maybe you met these guidelines previously or the dealer just rolled in the amount you would owe to your new lease via a higher sale price.

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#9

Am looking to list 2 of my cars where the lease is up later this year. Was thinking of just checking to see what the payoff amount is for each and listing them on Craigslist to see if I get a bite since I can make due without both.

Question: Assuming I find a buyer, is it rather straightforward for them to buy the car from BMW Financial or NMAC (Nissan) Finance and I walk away? TIA - S

#10

The chances that anyone wants to buy them are very slim. The BMW you can put up for a lease transfer if the monthly payment is ok.

The Nissan you are stuck with.