High-mileage car leases are an excellent option for individuals who want to avoid purchasing a vehicle but expect to drive more miles than a standard car lease allows. Though high-mileage car leases may cost more than a standard lease upfront, they allow the driver to put a much higher number of miles on the vehicle. They also allow the lessee the option of changing vehicles at the lease's end without the commitment of a purchase, according to Edmunds.Continue Reading
A standard car lease typically stipulates that the lessee may drive the vehicle up to 12,000 miles per year. If this mileage amount is exceeded, the lessee can be charged end-of-lease penalties for the additional mileage. Many high-mileage leases allow individuals to either include the extra mileage cost in the down payment at the beginning of the lease or allocate the cost over the monthly lease payments. Additionally, some high-mileage leases specify that lessees can receive a refund for any unused miles, as reported by LeaseGuide.com.
Though high-mileage car leases have several advantages, it is important to be aware of the vehicle return condition specified in the lease. The lease may not allow for the additional wear-and-tear on the vehicle that can come from the higher mileage. This can cause end-of-lease penalties if not addressed at the beginning of the lease, as explained by LeaseGuide.com.Learn more about Buying & Selling