Our family owns a business with sales and repair folk on the road. In the past we’ve purchased vehicles yet it doesn’t seem to pan out. For example, we own a 2015 Nissan Altima - worth $8K due to high mileage yet we owe $13K… Recently acquired a Nissan Rogue with a high mileage lease before finding LeaseHackR.
Might anyone have details as to best practices to obtain a high mileage lease? Specifically, a smaller pick-up truck like the Chevy Colorado?
How many miles do you need a year? High mileage lease sales usually aren’t worth it over purchasing.
A lot of people don’t like high mileage leases because they offset some of the reasons we lease in the first place, such as warranty coverage, low payment, and residual protection. However, when you buy you get none of these anyway. So, you could always lease at as high mileage as possible and go from there. You have the option to buy or turn-in, if the economics make sense at the time.
For instance, on the Altima, have you calculated how many miles over you would have been if you leased in the first place, versus what they would have charged you? $5,000 underwater is a lot for a 2015 Altima. If the incentives are good enough for lease, including possible low money factors (compared to financing cost), why would you ever buy upfront, when you can buy at the end of lease with the exact same or better economics to you, plus the option to turn-in if it makes sense?
Ford does a 3 yr 100k
Otherwise you need to find a third party company that buys the vehicle and leases them.
I’ve referred a few in the past.
I used to be a high mileage driver and have always leased. It worked out well for me. Do not listen to people that do not know what they are talking about and say you have to purchase. Most leasing companies will let you pre purchase additional miles on your lease (around .10 per mile). Some will limit you to 25k per year (you did not mention how many you need). Check into leases that have lower mileage penalties at turn in. I think Toyota, Honda and Nissan are at .15 per mile at turn in-- others may be as well. In the long run this will be way cheaper than a purchase.
at .10 per mile an additional 10,000 miles is $1000 up front --so if you structure your 3 year lease to be 75,000 miles you will pay an additional $3,000 over a regular 15k lease. If you need more:
at .15 per mile an additional 15,000 miles is $1500 at turn in
Jon: Asking hubby for the exact deets. I’ll come back Monday with 411.
Pizza8822: we’ll do the math and come back to y’all to report our experience. Good points.
Buster11xx: we did pre-purchase the miles. At the time we really thought we were on to something having come off buying vehicles for years- Believe it was $0.10 mile but I’ll come back Monday with more information.
ALL: Monday I’ll be back w/an analysis. Providing exact details on the pre-purchase of high lease miles for the Nissan Rogue. And how the Nissam Altima that we’re upside down on yet perhaps it does make more economical sense. Curious and excited to provide feedback with y’all.
THANKS for helping me think this through!!