Should you choose a high-mileage lease?
For drivers who tend who accumulate a lot of miles on their car each year, the idea of leasing a car might seem like a bad idea. It has long been thought that leases were for drivers who maintain low mileage on their cars. However, for some drivers a high-mileage lease might be the right option.
For drivers who agree to a lease for about 12,000-15,000 miles a year and then go drastically over that amount, the fees can be expensive. However, drivers who know they are going to need a lot of miles can pay more to lease the vehicle to add extra miles.
Leasing is a low-hassle approach for many drivers. It allows the driver the option of just dropping the car off at the end of the lease, with no obligation to buy it. For drivers who opt to return the car at the end of the lease, they don’t have to worry about how the high mileage will impact the car’s resale value.
If the driver really likes the car at the end of the lease, he or she has the option of buying it. A buyout value will be given to the driver when he or she signs the lease.
For drivers who accumulate a lot of miles, high-mileage leases allow them to drive long distances guilt-free and not have to worry about how the miles are affecting the car’s value.