I recently leased a Tesla Model S. It’s been 4 months and I’m 2100 over my mileage allocation. Was thinking of getting a 2nd car just to divide up my miles.
I’m thinking of putting the car on Turo the times it’s not being driven to pay for itself.
What are your recommendations? Would love for it to be an electric car but I don’t think anything comes close to a Tesla.
You want to save miles on Tesla and put it on Turo? Or the second car? You can’t put leased car on Turo, anyway.
You should probably give some search parameters like budget, type of car, etc etc
I’m looking to basically get another car that’s good on gas or get into an amazing deal under $250/month.
So the run of the mill running around that I do could be done in the cheaper car so I’m not using all my miles on the Tesla.
I need to get more than 12k miles on the car though for it to make sense cuz at 10k miles I might as well go over on the Tesla and just pay the overage fees at the end of the lease @ 0.25cents/mile
I currently have 15k miles on the Tesla
Get a Hyundai or Honda electric. Can probably get something under budget.
I’ll look it up
Thanks for the recommendations
Don’t know much about Tesla leases. Will they let you purchase more miles mid lease? I’ve seen some that buying before purchase is like 0.15 a mile. Middle of 0.20 and lease end of 0.25. Don’t remember which ones I saw do this n
I suggest reading the contract. Most people never read their contract, but in the past there have been moving restrictions and all kinds of junk in there… Once in awhile there is a a gem, though, like mid lease mileage purchases…
I think most leasing companies do not allow mid-lease mileage purchase, but BMW had in the past. I am not aware if they do currently.
Definitely something to know, as situation can change during lease.
Based on the info provided I am not sure the math works out for getting another car. You are 2100 miles over after four months. That means you are on average 525 miles over per month. That is only $131.5 per month in mileage fees. I’d much rather pay that then 250 a month for a second lease on a more mundane car. With a second lease you would probably also pay an extra 25 bucks a month in insurance plus paying for for more expensive gas versus cheaper electricity if you don’t get another electric car.
Also, has someone who seems to have significant assets (I know I could not afford a model S) be careful with Turo. Their liability protection is capped at 1 million bucks. If your renter kills or seriously injures someone, you could end up personally owing millions more.
As a financial advisor during my normal hours, I’m a little concerned that you are leasing a $1000/month (minimum) car and are concerned with paying for excess miles.
As much as we all like to drive shiny new luxury cars, they are “luxuries” not necessities. I stopped leasing them a couple years back, saving $5000/year…and I still drive really nice brand new cars that are loaded with features. I’m actually amazed that I don’t miss them.
The fact is the difference between a loaded regular brand and a luxury brand has never been smaller.
Having said that, as someone else said…just pay for the extra miles… Also, seeing as I just lectured you about your fiscal mistakes, why did you lease a car knowing that you would drive 6000 miles a year over the allocation? Is it your first car? New job/commute?
Enjoy your car and next time think a little more before signing on the dotted line!
Looks like it depends on the leasing company according to Turo:
I think the combination of dealing with random people renting your car, wear and tear/damage to the car, tire cost, liability, paying for insurance for another leased car etc doesn’t sound too appealing considering that the excess milage fees would amount to less on the Tesla if @EC99 math is correct.
I don’t think it’s a great idea.
I don’t believe any leasing company will allow you to rent their car out.
Appreciate that someone else on the site mentions financial foresight. I am sometime shocked when someone wants a 50k car but do not having enough savings to put down a single MSD. Your comment about getting a loaded non-luxury car versus a luxury car is dead on. You get normally give up relatively little a save a lot.
Leasehacking has to be done within a budget. My wife drives a SH-AWD MDX with tech package but only because it ended up being cheaper than the equivalent Pilot due to Acuras leasing much better/tips from this website.
I completely agree that the value component must be analyzed (and at least from my perspective is the most important part). To your point of Acura vs Honda and Acura leasing better, I have found that a lower trimmed luxury model leases better than a full trimmed “normal” model, even though they contain similar technology. Now, on a purchase, the math can be completely flipped upside down - where the “normal” model is more cost effective. But on a lease, with inflated residuals (mb) or hefty lease incentives (volvo) the math can and usually does work in favor of the luxury model, especially with the ability to use Msds to drive rent down.
The key point in each and every case is to do the math. New vs used, buy vs lease, finance vs cash, etc.
Yep that’s what I’ve figured as well but wanted to still ask.
I will find out if I can get more mileage. The thing is the Tesla is a fun car to drive so you end up driving more than you should. You tend to make more trips cuz of the enjoyment.
The issue is not paying the extra miles. I was hoping to get another car and possibly make that an income source.
real lease hackers get a loaded luxury car for the price of a non-luxury car 
That is of course the goal of this game and this forum.
But…I have a bit of a skewed perspective since I live in Virginia. I have to pay the tax on the selling price up front (4.2% - admittedly a relatively low tax rate) plus an annual tax (5% of NADA value minus 400 dollars).
So even if the 60K car has about the same lease payments as the 30K car, I’m paying 200 bucks a month more for it the first year and 100 bucks more per month afterwards for duration of lease due to taxes. Factor in higher insurance and scheduled maintenance costs and it makes sense for me to seek hackr deals on mainstream brands.
As your financial advisor I recommend that you drive a very used Oldsmobile picked up from your disabled uncle who can’t drive anymore. And the big plus is that your neighbors and people in general will be sure to notice you
You should also move out of that swank place you pay way too much for. See picture for housing suggestion.
For meals out, swing by Costco for their free samples
95% of the people on this forum don’t have this issue so while it’s relevant to you, it’s not a widespread issue.
I’ve been driving luxury cars for a very long time at entry level car prices which is the whole point of this forum.
As long as you have tier 1 credit, are flexible in terms of brand/colors and are willing to put yourself through the car sales gauntlet, you don’t have to sacrifice on luxury when it comes to cars.
Except of course, if you live in VA 
