How much mileage can you put on a leased vehicle?

How much mileage can you put on a leased vehicle?

3. Underestimating how many miles you’ll put on a car. It’s common for leasing contracts to have annual mileage limits of 10,000, 12,000 or 15,000 miles. If you exceed those mileage limits, you could be charged up to 30 cents per additional mile at the end of the lease.

What is the highest mileage lease you can get?

Most leases can be tailored for many more annual miles than the standard 12,000. Banks are often willing to let a potential car lessee sign up for as many as 100,000 miles to be driven over the life of the typical three-year lease.

Can you lease a car with 20k miles a year?

If you plan to drive 20,000 miles per year, you want a lease that allows you to do so. Some leases offer less annual mileage, which can result in having to pay additional fees. If you pick a high mileage lease, you can drive as much as you need to without paying additional money.

How much does extra mileage cost on a lease?

Excess mileage Most leasing companies charge around 15 to 20 cents per mile over the amount allowed in the contract, commonly 12,000 miles per year. If you’re way over the allowed mileage and looking at a big penalty, you still have options.

Can you negotiate mileage on a lease?

When you lease a car, you’re typically allowed to drive a certain number of miles throughout the course of your lease term. If you anticipate driving more than that, negotiate extra mileage upfront. It may be cheaper to pay for more miles now than pay the per-mile fee later.

Can you buy more mileage on a lease?

Usually, if you know ahead of time what your mileage may be over the next three years, you can purchase extra miles at the beginning of the lease agreement. Ask for extra miles in advance of signing the contract. As a result, your lease will have pro-rated monthly payments that have the extra mileage figured in.

How much should you put down on a lease?

A down payment of 20 percent or more is a good way to avoid being “upside-down” on your car loan (owing more on the car than it’s worth). For new car leases, the required initial payment, or cash due at signing, is typically predetermined.