If you are leasing a car and expect to exceed the total allowance of mileage, then there are ways to increase the allowance in the vehicle lease. Naturally, all of the details will be found in the lease agreement or contract, however, there are some generic ways that vehicle leases are structured for adding mileage. Be warned that adding mileage of a lease vehicle can be very costly, so much that it could very well negate the amount of money that you are saving by leasing the vehicle rather than outright purchasing it.
Calculate the miles that you expect to drive over the next three years. Begin by studying the previous three years of driving and consider any other factors that may come up such as road-trips, a change in jobs or a change of address. Try to allocate enough mileage with some cushion so that you do not exceed the mileage set by the 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. Depending on the company, that strategy may be cheaper than doing it at the end. Some companies will even give you a refund for unused miles from your contract. As a result, your lease will have pro-rated monthly payments that have the extra mileage figured in. That way, you will pay more money per month than you would ordinarily, but you will avoid a lump sum at the end when you would otherwise be charged for extra mileage.
Consult your paperwork for the lease agreement or contact the leasing company that legally owns the vehicle. If you have a good history with that company over several years, then you may be able to get a better deal for extra miles with them than you would through the standard lease agreement.
Look for extra mileage insurance for your lease. Car leasing insurance companies have several attractive options that can help prevent you from getting the wrong end of the deal due to risk factors when opting to lease a vehicle. The down side of this option is that you will not get a refund for unused miles that your insurance covered.
- Lease Guide: FAQ
- Cars: Leasing Glossary
- U.S. Bureau of Labor Statistics. "Prices & Spending." Chart 1. Accessed April 23, 2020.
- Board of Governors of the Federal Reserve System. "Keys to Vehicle Leasing: End of Term." Accessed April 18, 2020.
- Consumer Financial Protection Bureau. "What Should I Know About the Differences Between Leasing and Buying a Vehicle?" Accessed April 23, 2020.
- Board of Governors of the Federal Reserve System. "Keys to Vehicle Leasing: Mileage." Accessed April 18, 2020.
David McGuffin is a writer from Asheville, N.C. and began writing professionally in 2009. He has Bachelor of Arts degrees from the University of North Carolina, Asheville and Montreat College in history and music, and a Bachelor of Science in outdoor education. McGuffin is recognized as an Undergraduate Research Scholar for publishing original research on postmodern music theory and analysis.