I am looking to lease a loaner (bmw 530i or x5, Mercedes e350 or GLE, Audi Q7 with Costco deal if it makes sense) with driving up to 20-24k per year and wondering if based on the lease calculator, leasing would still be better than purchase. Dealers show lease numbers for up to 15k miles but need to talk to individual dealers for high mileage. Any thoughts where it is easier to get the high mileage numbers in order to plug it in the lease hacker calc? In general if any thoughts on leasing with such high mileage, pls do share. Thanks!
I have personally never heard of this but, even if it is possible, chances are you will be needing to replace brakes, rotors, tires, and possibly more at least once during the lease term for something you don’t own. Something to think about.
It rarely makes sense upwards of 15k miles. It falls outside of what the accountants are willing to guard against as a residual risk. Thus typically you’ll pay either rack rate for miles past 15k/yr (ie 25c/mi) or same but with a prepay discount.
You’re likely better off finding a vehicle that has a rich purchase discount. Perhaps a leftover 2020. Maybe a loaner with a sweet discount.
Another option is to find a lease takeover with an enormous amount of miles left over.
Another thought - with that high of a mileage run, you may also want to consider a vehicle with less punitive maintenance and out of warranty repair costs (as you’ll exhaust a normal warranty in a bit over 2 years). Maybe a 2020 MDX, Lexus RX, etc.
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Just saw this. Maybe it’ll help you
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Absolutely none of these make sense for a high mileage lease.
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I would look into a Balloon loan, instead of a lease, at that kind of mileage and pick a vehicle that has a really high residual value (like in the 70’s) to minimize the risk at the end of the loan term. Let the free market dictate the cost of the mileage instead of a flat rate.
- you are driving wayyy too much to lease. Most brands stop at 15k, some like Ford will do 18k/yr, and they all will charge for overage. But you will be in year 2 and out of warranty, needing tires and brakes
- for the wear parts alone, consider japanese and not european
- look for CPO (to purchase) with unlimited mile warranties.
- buy a Lexus or Acura, get an extended warranty, drive it until it dies
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Some manufacturers will let you prepay miles at a lower cost per mile, but that would only make sense on cars with very high incentives.
It seems like you are interested in sedans or SUVs, and considering that a 530i is listed, definitely look into an ES250/350 or RX 350. Camry engines that have easily proven to go over 150,000 miles with good maintenance, lower repair cost compared to BMW/Mercedes/Audi, and an average higher resale value compared to other luxury brands.
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