I drive a bit more than 17000 miles per year. I’ve been looking at buying but ugh! Any suggestions to the best way to lease with this much driving?
Number of companies have higher mileage leases. BMW you can lease max of 15k a year and buy the miles by the end of the lease at a discount. You may run into warranty, brake and tire issues though.
Yeah just do a 15k lease , then, if you pre- buy the miles up-front you can get them cheaper than at the end. Depending on who you lease from you may be able to buy 2k/yr miles for 10-20 cents/mi. That would add then between $20-40 a month to your 15k/yr lease.
The other trick people do is get a $15k lease, then when you hit the total allowed mileage either make the few remaining payments (4 payments in your case) early and turn it in. Either that or see if you can get some sort of lease pull-ahead deal from the OEM.
Ten cents per mile would tolerable. .25 would $1500. O my last X5 it was .25. That just seems high to me.
25 cents per mile would cost you just under $42 a month. So if you were paying, I don’t know, maybe $450 a month for your X5 that would be less than 10 percent more. That cost is in line with the cost per mile of your overall lease.
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Several banks have 18k per year leases
ford/lincoln does 19.5k, gonna need tires for sure though unless its a 24 month lease.
X5 was $600 per month w Max MSD’s. I think Toyota might have 18k for a Highlander. Lexus I don’t know.
I have seen 18k mile leases from Honda and Chevy…i’m sure there are others.
I had 19.5k on my previous Lincoln and 25k on my current qx60
25k wow that’s a new one(for me at least), did you prepurchase with infiniti, how much was it per mile?
Back when I was driving that much, I basically counted on the BMW pull ahead program. Now, I rent if I am driving from Westchester to Queens.
Best way to do it would be a 24 mo lease with 15k miles/yr and pre-purchase the extra miles. That would only be 4000 extra miles at 25 cents is an extra ~$41/mo when amortized over 24 mo (or less if the extra miles are less than 25 cents). That ensures you’re always under warranty. I think some GM vehicles like Equinox etc would be a good fit without breaking the bank.
@pony_trekker, isn’t it more than .25 per mile if you rent a car? Wouldn’t paying the lease over miles be cheaper?
not sure about the value but the thing with a rental is he would have unlimited miles so he could go anywhere once he reaches his destination and not worry about all the extra miles. I see a point on both sides but you would have to break down everything to see which is cheaper, you can rent cars for as cheap as $20 a day. Also not sure how far queens is from Westchester.
FWIW when I used to drive this amount I had the same frame of mind. I ended up doing a 15k lease and stressed for 3 years about mileage. I spent a little more and bought my next car and didn’t stress about it for about 6 years. Having one less thing to worry about was a big relief for me. I now drive less than 7k a year so leasing is a no brainer.
So that extra 2k miles/year would cost you $42 a month more than the basic $600/month lease.
That’s only 7 percent more per month. Not a deal breaker.
Sorry, I wasn’t clear. That was a hypothetical for a business trip. I have the option of driving to a client and getting reimbursed for the mileage or renting a car and having that reimbursed. So I could get paid .55 a mile and pay .25 or I could just rent and have the entirety paid for. Before, I would drive my own car to from NYC to Syracuse, Rochester, New England etc. Now I rent and never have a mileage headache.
10 cents upfront
I paid .10 cents up front on my Infiniti lease