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What happens if you go over your lease Miles?
If you exceed that number, the leasing company will charge you for every extra mile driven. The per-mile penalty is spelled out in your lease, but it can run as high as $0.25 per mile. That would be $250 for every 1,000 miles over the limit. You will dodge these penalties by purchasing the car.
Can I buy extra miles on my lease?
No. You cannot buy extra lease miles during a lease, only at the beginning. If you are already in a lease and see that you are already exceeding your allowance, there are a number of options. See our article, Over Mileage Car Lease for more details.
Can I buy more miles for my 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.
What if I am over my miles on a lease?
If you exceed that number, the leasing company will charge you for every extra mile driven. The per-mile penalty is spelled out in your lease, but it can run as high as $0.25 per mile. That would be $250 for every 1,000 miles over the limit. You will dodge these penalties by purchasing the car.
How much more is a high mileage lease?
Plus, mileage is typically capped at 12,000 to 15,000 miles per year, and you'll pay about 20 cents per extra mile at the end of the lease. You can negotiate a high-mileage lease up to 30,000 miles per year but you'll pay extra for the increased depreciation.
How much is mileage overage on a lease?
You pay for that extra depreciation at a per-mile rate that varies by car company and vehicle model. Lower priced cars are charged at $0.15 per mile. Mid-priced cars are charged at $0.20 per mile and higher-priced cars at $0.25 or higher. Some luxury models charge $0.30 per mile.
How much do you pay if you go over miles on a lease?
If you exceed that number, the leasing company will charge you for every extra mile driven. The per-mile penalty is spelled out in your lease, but it can run as high as $0.25 per mile. That would be $250 for every 1,000 miles over the limit. You will dodge these penalties by purchasing the car.
What do I do if I go over my lease Miles?
Stop driving so much. This one is simple, Ron. ...
Pay the penalty. Go into your lease terms and find out what the over-mileage penalty is for your lease. ...
Buy the car. Probably your best option is simply buying the car at the end of the lease. ...
Move to Orange County.
How much does Honda charge for mileage overage?
If at the end of your lease you have gone over the agreed upon mileage you will pay a set fee for every mile over to make up for the depreciation in the vehicles residual value. This fee will be in your lease agreement and is usually between $0.15-$0.30 cents per mile based on your vehicle.
Do I have to pay excess mileage if I buy the car?
If you've exceeded your mileage, but you want to buy the car at the end of your contract, you still have to pay for the excess. You will have to declare the excess mileage when you tell the finance house you want to buy it. They will then charge you accordingly.
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