Today is the One Year Anniversary of when I got my new car! I generally lease for 36 months with 12,000 miles a year. As you can see, I am a little over on my miles. People frequently ask me what to do when they are over miles so I am going to use myself as an example.
Step 1: Evaluate
I am currently over by 1260 miles. at $.25/mile that is $315. If I continued at this rate I would owe $945 in over mileage charges when I turned in the lease on November 1, 2017. I have several options available to me and there is no reason to panic!
By the way, I did the 12,000 mile per year lease knowing that I would likely go over. I looked at the 15,000 mile lease as well but it was $30 more per month and I knew I wouldn’t be that high so I opted for the lower payment and possible over miles charges.
Step 2: Options
- I can drive this car for 2 more years, owe less than $1000 in mileage charges and not worry about it.
- I can call Mercedes-Benz Financial right now and add mileage to my lease, raising my payment slightly, so that I don’t have a bill at the end.
- I can plan to buy the car at the end of the lease for the residual value and there are no mileage fees charged. If you are WAY over then this is sometimes the best option.
- I know that Mercedes-Benz Financial generally offers a 3-5 month Loyalty Accelerator that will let me pull-forward into a new lease without any penalty. So, that gives me a 3000 to 5000 mile cushion that is perfect for what I actually plan to do which is turn it in 3-5 months early with just under 36,000 miles and get my next car!
Step 3: Keep Driving!
With these options in mind there is no reason to worry about going over miles in the lease. As long as you knew the plan going into the lease, and set it up properly, you do not need to restrict your miles or worry! I consider leasing an easy way to get a new car every 2-3 years with no surprises.