I wish other manufacturers would do that, that’s awesome. Im assuming you get back money if you don’t use the miles? I know some companies do that much if you buy extra.
Wow 10 cents upfront is great.
Probably not. BMW is the only one I’m aware of that gives you something back…but it’s a pittance, and not the whole allowance.
Percent of Contractual Miles not Utilized
10%-14.9%
15%-24.9%
25%-100%
Credit Offered for Unused Mileage
$200
$250
$300
Infiniti told me they won’t credit me back unused mileage. Use it or lose it.
I talked to ford/Lincoln about extra miles and they said you can buy extra in the begining at 25 cents a mile and as an added bonus you get back whatever you don’t use but when I contacted fca they said you can’t even buy additional miles for srt products or any fca products for that matter, there should be a database or thread for this info, I think it would be helpful for those whose mileage needs aren’t met by the standard 10/12/15k.
Can you elaborate as to which manufacturers and banks offer 18k mile leases?
Ford, Honda, Infiniti, Acura, those are just a few off the top of my head that I’ve had experience with.
What about Audi or Lexus?
you can pay upfront with Lexus for extra miles, idk about audi. Also gm has 18k leases as well I believe.
Cool. What exactly does paying up front mean? Is it like signing a 15k mile lease, then buying another 9k miles up front at a discount?
yeah and then you roll that extra money in to your payment
Right. Bc I don’t see a point of pre paying for miles unless it was at a discount, unless I’m missing something here
so there’s two things to think about here and I’ll give you an example. We leased two trucks for business, one will meet its 15k mileage, the other truck has 19.5k miles and will do 25k a year, at the end of 3 years the truck that does 25k will have gone roughly 12k over @.25 cents a mile so thats $3000, we could have bought extra miles up front at $60-$70 bucks a month extra, but with this being a business that $3k gets included in their business expense and therefore becomes a tax writeoff, their total lease payment is also a tax writeoff so either way they get a break, but its easier to just pay it off in one shot and they may not even go over 12k, it could be less. For a normal person they may not have 3k laying around so that extra $60-70 a month is more feasible for them and at the end of the lease they just turn it in. At a discounted rate prepurchasing miles is a no brainer, at normal rate its a bit more subjective to the person’s situation.
Thank you for the detailed response!
A friend just called me saying he needs 18k miles/year but insists on leasing. He wants a nicer car like Audi BMW or Lexus so I’m tryna gather details here.
No problem, happy to help. I believe bmw is the only manufacturer to allow purchasing of extra miles while the lease is going on, aka after signing, not sure how the payment process works or if they still do it, but worth looking into.
1 Like
Kind of. You do a 15k residual then purchase the 3k/yr by buying miles at 0.20/mi. There is no 18k residual by default.
is 20 cents the discounted rate or standard rate?
20c if you buy the miles at inception. 25c if you buy the miles when you ground it.
well worth the investment, especially if you plan to take a few weekend trips to places.