For those that want low monthly car payments and like to drive a new car every few years, leasing a car is a popular option. However, that option can look less attractive if you drive a higher than average number of miles per year. Those with long work commutes or very busy schedules may hesitate leasing a car due to the mileage restrictions (usually around 12,000 miles per year). While Prime Motor Car offer leases up to 15,000 and 18,000 miles, there is an option that allows drivers to purchase what is known as an extra mileage car lease.
How Does Purchasing Extra Miles Work?
Lease terms are based on the difference between the car’s original price and its residual value at the end of the lease. So, the more miles you put on a car during a lease, the lower the value of the car will be at the end. With that being said, the rate for purchasing extra miles is set by the lease company. Rates usually range from around 10 cents per mile to 25 cents per mile. Rates also depend on the type of car that is being leased.
Extra miles cannot be purchased during your lease. The terms of the lease with the extra miles must be determined before the lease is ever signed, so knowing how many extra miles you’ll need will be helpful information.
The Benefits of Purchasing Extra Lease Miles
- Paying for miles in advance can be less expensive than simply going over your allotted miles and paying for them at the termination of the lease.
- Some lease companies will refund you for unused miles
- You can pay usually pay for extra miles in advance, along with your down payment
Prime Motor Car in Boca Raton offers leases on new cars and is located in Boca Raton, Florida. We have the ability to locate any make or model that you desire, and have it delivered right to your home or office. We pride ourselves on making car buying and leasing very simple, and our representatives are extremely knowledgeable in the car buying field. If you have questions about adding extra miles as part of a lease deal, give us a call at (561) 997-2886.