There are plenty of benefits to leasing an automobile. Of course, before you sign on, there are some things to consider, not least of which is auto lease mileage limits. As one of the leading car dealership groups in the Mid-Atlantic, Heritage MileOne | Autogroup is well positioned to advise on this topic.
How Does Mileage Work For a Car Lease?
When you lease a car from a Heritage |MileOne dealership, the typical lease length is three years, with an average of 10,000 to 12,000 miles allotted per year. When your lease ends, we'll compare the car's odometer (which shows the total miles that the car has been driven) with the mileage limit in the lease contract. There's nothing wrong with being under the limit. However, if you've exceeded the limit, a fee is charged for every "extra" mile. For example, if the charge is 15 cents per mile and you went 5,000 miles over the limit, you would owe $750.
Can I Customize My Lease Mileage?
If you'd like to lease a vehicle from our new car inventory but feel like the standard mileage limit is too low, there are three options to consider: pre-purchasing additional miles; a high-mileage lease; and an unlimited-mileage lease. Let's take a look at each one.
- Pre-Purchasing Miles: This option allows you to buy extra miles - above the contractual yearly mileage limit - at a discounted rate before your lease starts. As long as you have a good idea of how many miles you need, pursuing this option could help you avoid excess mileage penalties when your lease ends.
- High-Mileage Lease: A high-mileage lease is a special lease that would be structured according to your mileage needs - for example, if you felt like you could put 20,000 miles per year on the car. A high-mileage lease is more expensive than a standard lease, because the extra miles will affect the vehicle's residual value.
- Unlimited-Mileage Lease: Similar to a High-Mileage Lease, though rarer and even more expensive. An Unlimited-Mileage Lease is only possible in extraordinary circumstances and would require a substantial down payment.
Learn More About Auto Lease Terms and Conditions Near Baltimore, MD
The short version, now that we've covered the nuts and bolts of auto lease mileage limits: you can customize, and you have options. Whether you're looking at business travel or you know your road trip habit would take you far over a traditional lease's mileage limits, your Heritage | MileOne Autogroup dealer can help. We're happy to answer more of your lease-related questions and introduce you to our latest car lease offers.