Leasing a car I plan to put a lot of mileage on?

Are you traveling for work? If so, have your employer get a company car that you can use. This is what I did, and it saved me a ton of money and wear on my car.

I do drive it for work. Right now probably 90% of my mileage is for work purposes. My company reimburses me a fixed monthly amount plus gas. The main issue is I have a nice, sportier car that I want to keep for a long time. I’d like to have a second/work vehicle that will take the majority of the mileage, handle in all conditions, and overall last 6-7 years. I’m just trying to find the best route cost wise while thinking longer term.

WashedUpCollegiateRunner_NowLocalStudButNothingBeyondThat wrote:

I do drive it for work. Right now probably 90% of my mileage is for work purposes. My company reimburses me a fixed monthly amount plus gas. The main issue is I have a nice, sportier car that I want to keep for a long time. I’d like to have a second/work vehicle that will take the majority of the mileage, handle in all conditions, and overall last 6-7 years. I’m just trying to find the best route cost wise while thinking longer term.

Would having your company get a car so that you can drive their vehicle instead of your own not accomplish this?

That’s not an option. It’s a Fortune 200 company.

driving for work? wrote:

Would having your company get a car so that you can drive their vehicle instead of your own not accomplish this?

Obviously his company is not going to buy the car for him or he would do that wise guy.

Correct. I’m down to really a few options. 1) buy a brand new vehicle and expect to have roughly 200k miles on it in 6-7 years. 2) buy a used vehicle at a lower cost but lower life expectancy plus more repair costs. 3) look into leasing for 2 yrs, putting 70-80k miles on it, buy at end of lease to last additional 4-5 years. Deciding which is the best solution tough

Good luck finding a lease that allows 2500 miles a month..

Well right. No lease comes remotely close to that. That’s why I would purchase the vehicle and continue using it rather than pay the penalty of like $0.20/Mile over the, say 20,000 miles the lease was originally for. Is this not making any sense?

Why not check with a dealership of the brand you may lease, and peruse the various lease options, to include pre-paid additional miles.

Your main question is not purchasing it at the end of the lease, but if you still have to pay the excess mileage fee, regardless of your intent.

Almostsbs wrote:

Good luck finding a lease that allows 2500 miles a month..

Exactly what I was thinking. The average lease allows a max of usually 10,000-12,000 miles a year. Any miles driven over that you have to pay for by mile.

WashedUpCollegiateRunner_NowLocalStudButNothingBeyondThat wrote:

Well right. No lease comes remotely close to that. That’s why I would purchase the vehicle and continue using it rather than pay the penalty of like $0.20/Mile over the, say 20,000 miles the lease was originally for. Is this not making any sense?

No it's not because when you sign a lease, you sign a contract. So in order to break the contract you may be stuck paying a fee or have to return the vehicle. I'm not an expert but it's usually how it works.

If I were you, I'd just purchase a gently used vehicle. There are plenty of vehicles out there which are low miles and in really nice condition.

Get a used Honda/Subaru/Acura in decent condition and ride it till it drops, you’ll be making money on the miles at .535/

Sad, very sad.

In my experience it's been better to buy new than buy after a lease is up. The buyout at the end of a lease is higher than what you would have paid out if you'd just paid monthly for two or three years. Your monthly payments on owning it come out ahead of buying out of a lease.

Perfect, that’s the type of advice I was looking for. Thanks!

Please identify these dealers leasing trucks for $120/mo.

Just out of curiosity, are you putting 2500 highway miles or stop and go traffic miles? Highway miles are easier on a car so you can expect them to last longer.

Are you really set on getting a truck vs an SUV. If you really want a mileage monster think of getting a certified preowned Japanese car/suv. Something from Toyota or Honda. If you are putting crazy mileage on a car, you are killing the resale value anyway so don't bother buying new. By the time you retire the car its will probably be totally dead.

The 12,000 or 15,000 annual miles limit is irrelevant provided you purchase the vehicle at the end of your lease, because the buy out price at lease termination is stated in your lease contract. That will not change and it’s not negotiable.

Should you rack up tons on miles on it and change your mind and decide not to buy it at lease maturity, you, unlike this Jamin weirdo, are screwed.

There’s quite a few here in the Midwest. $120-$150/month on a 24 month, 10,000 mile/yr lease. Typically for a new Silverado 1500 or equivalent. Obviously after the 24 month lease the actual payments to buy would go up to probably $500-600/ month.