Do leasing companies check your mileage every year or just st the end of the lease term?
I was thinking about leasing a new Honda, but they only want to give me 12,000 miles per year. Is that the kind of thing they check every year or can I get away with driving more one year, as long as I keep my mileage low the next year?
The price of a used car depends heavily on the mileage. So, the lease cost depends on the mileage you expect to do each month or year. The greater the mileage, the greater the cost.
12,000 is about the average mileage done in a car per year (the normal range is between 10,000 and 13,000), and hence is the standard price for the lease. Most companies will not check until the end of the lease period, but they will then charge for the extra mileage in your last bill. If you do 20,000 per year over, say 5 years, that's 100,000 miles compared to an expected 60,000 miles.so, they'll add on some $7 per 1000 miles or something in that region -- haven't done the arithmetic that links mileage to cost, so that could be under or over the actual. A lot will depend on the actual price of the car.
If you expect to do, say 15000 miles per year, then tell them, and they will usually adjust the leasing costs to suit, like about $30 a year (or $3 a month) extra
How can you do that? Why lease when you can buy and have something you own at the end that is not very much milage 1,000 miles a month you need to be tracking what you do now to make sure it is not going to go over.
14,800+ answers and you Really don't know the answer to that one?
The only time the mileage matters is when you turn in the car at the end of the lease.
That's when they charge you for excessive mileage
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