High-mileage lease

As you can see from my clever username I’ve never leased a car. I was just informed of this site and searched existing topics and didn’t see any discussions on this topic. So my wife and I drive our cars quite a bit (~20-25K a year) and we never thought about leasing for that reason. However as I understand there are high-mileage lease options. Do you have any general recommendations about it.

I ask because we have a '14 Infiniti QX60 fully loaded, although we like it, we also want to switch it up but we owe way more than it’s worth. Make and model of what we want to change to is up in the air at the moment can be a station wagon or a mid-size SUV. anyway I would appreciate your advice.

Thanks in advance.

Hi Neverleased,

indeed I believe it made sense that you did not lease vehicles with such high annual mileage rates as the calculated residuals are steeply reduced because of that. Do you use private or business leases as this greatly affects your potential savings. Moreover, I would recommend that you make use of dealer financing options through the outright financing model i.e. you own the car at the end as you can scoop up all incentives and currently make use of ultra low financing deals.

Cheers

Turbojoe, if he were to need a 20k mile lease, couldn’t he just do a base 15k mile lease and add the additional 5K overage (normally $0.25/mile plus tax) for each year?

@justlooking12345

I thought of that as well, however there are too many variables that may impact that decision. Some warranties and free maintenance packages are only available within certain mileage figures. Also you might want to look out whether some leases include a prohibition on excessive mileage i.e. up to a certain ceiling. I would therefore recommend looking for something that has a way higher residual than a QX60 e.g. BMW X3 and not be bothered by mileage restrictions.

Thanks, do you know which manufacturers offer a 20K mile lease?

With Infiniti and a few others, you can pre-pay mileage overages. I believe it’s $.15/mile rather than the $.25/mile if you were to pay at lease-end. Best to give IFS a call to check.

Here’s an overview of BMW’s program: http://www.bmwusa.com/Standard/Content/FinancialServices/mileage_adjustment_program.aspx