Strategizing Substantial Mileage Overage on BMW

[forbs]

@JSmith

One additional point on Volvo, t

Volvo and Lease Over miles should never be in the same discussion, lol. Volvo is the absolutely worst to get out of especially if over miles.

[mdd]

An alternative is to lease another car very cheaply and spread the miles to that. Some of the 2023 Ariya’s (if available) are going for <$200/mo for 18 months. Some even cheaper than that. (You can buy extra miles for 10 cents each too). Of course, you have to pay insurance and additional registration. But if you can get one of those <$100/mo Ariyas, it might work out. It might not. It depends on whether you want to deal with another car, and an electric vehicle at that.

Example Ariya. Signed: 2023 Ariya Platinum+ e-4orce 18m/10 66.29/month 0DAS

[mtossb01]

[quote=“mdd, post:22, topic:566238, full:true”]
An alternative is to lease another car very cheaply and spread the miles to that. Some of the 2023 Ariya’s (if available) are going for <$200/mo for 18 months. Some even cheaper than that. (You can buy extra miles for 10 cents each too). Of course, you have to pay insurance and additional registration. But if you can get one of those <$100/mo Ariyas, it might work out. It might not. It depends on whether you want to deal with another car, and an electric vehicle at that.

Example Ariya. Signed: 2023 Ariya Platinum+ e-4orce 18m/10 66.29/month 0DAS

I thought about this, but lease for 18 months is likely 3600, plus insurance it will likely be a wash or more expensive.

I think my wife will drive it into the ground and re-evaluate closer to lease end. I already replaced the tires, rears were shot already, but the fronts have enough tread for lease return.

Running costs such as gas, tires, maintenance are fine- just hoping I can get lucky before lease end and unload the care for less than $4k out of pocket.

[mtossb01]

@max_g

@ctnyc

With her new job, she’s driving 19-20k miles per year. If you don’t have plans on moving closer and she doesn’t have plans on getting a job closer, leasing might no longer make sense for you

True.

@ctnyc

Buying an unlimited mile warranty CPO car (e.g., Lexus or Volvo) probably makes the most financial sense financially in the long term.

Maybe Toyota or Lexus. Anything else the cratering value from those miles = the depreciation will kill you.

NTM the cost of regular maintenance and replacement of consumables such as brakes and tires, ie all the stuff that falls outside of warranty.

@EC99

@nyccarguy

You don’t want to have to buy out and own a BMW out of warranty

You can add BMW warranty to a new car before factory warranty expires. If OP buys out car I would consider that an essential add on.

@mtossb01

Lease turn in- ~$4750 in mileage

What is your buyout price at least end? If it’s under $30k, it makes it a hard call. Paying 15%-25% of buyout in mileage overage is a tough pill to swallow. Especially since what comes next is most likely going to need to be a purchase due to how much your wife drives.

As an aside, mileage charges tend to be more punitive for cheaper models. You could be driving a X5, with a MSRP close to double that of your car and the per mile overage charge would be the same. For cheaper models buying extra miles up front via higher annual allotment is more important. For more expensive models, with the same overage rate, there is much less difference buying the miles up front versus paying at the end if you go over.

Ya the buyout will be right above $30k.

I was just thinking about the mileage- I drive a X5 and crazy that the mileage charges are the same for both with 50k vs 80k msrp cars.

I suppose for 7 series and X7 the mileage overage is probably close to buying them ahead of time.

[mtossb01]

@ctnyc

Regular maintenance is more dealer by dealer in my experience – In Houston, my Volvo is quite a bit cheaper to maintain than my Lexus was (oil/fluid changes, spark plugs, etc). In Dallas, the Volvo is significantly more than Lexus. Brakes/tires are generally similar cost unless you have larger wheels/uncommon size tires on one car versus another or high performance brakes.

I was thinking only other option is to switch to EV and then running costs like gas and oil changes would be offset.

i4 leases are pretty good this month- if I could get an offer for $34k maybe I could roll 5 k negative equity into a lease and maybe have a similar payment with 15k miles per year? Still would have a mileage overage unless mileage changed…

[hggiys]

@mtossb01

I drive a X5

If you’re in an owned car or are tracking to be under miles on your lease, swapping cars every now and again could help too if that works for your family. From the numbers, every commute day you save on your wife’s car is like $15 in savings!

[LAK1ngs]

@mtossb01

Plan on buying out the vehicle at lease end and sell it privately. Cons are obviously owning a vehicle out of warranty and having to pay taxes (Los angeles ~10%)

You don’t have to pay sales tax if you line up a buyer and do it within (10?) business days. It may minimize your other lease end costs especially if you don’t plan to lease another BMW.

[max_g]

@mtossb01

I was thinking only other option is to switch to EV and then running costs like gas and oil changes would be offset.

Ok but why an i4 when there are so many EVs at a fraction of the price?

Especially when you factor in excess miles and tire replacements.

[yoadj]

If the payment is good maybe put it up for lease transfer? Also you can offer an incentive less than the $4,750 and come out on top by getting into a more suitable vehicle earlier.