Can you increase lease mileage?
When you sign a lease for a vehicle, you are agreeing to a set number of miles that you can drive each year. Going over this mileage can result in hefty fees at the end of your lease agreement. However, increasing your lease mileage is possible under certain circumstances.
Lease agreements typically come with set mileage limits, such as 10,000, 12,000, or 15,000 miles per year. If you know you will be driving more than the allotted mileage, you can negotiate with the leasing company to increase your mileage allowance before signing the lease. This can help you avoid excess mileage fees at the end of your lease term.
FAQs about increasing lease mileage:
1. Can I increase my lease mileage after signing the lease?
Unfortunately, once you have signed the lease agreement, it can be difficult to increase your mileage allowance. It’s best to negotiate this before signing the lease.
2. How much does it cost to increase lease mileage?
The cost of increasing your lease mileage can vary depending on the leasing company. Some companies may charge a flat fee, while others may adjust your monthly payments to reflect the increased mileage.
3. Is it worth increasing lease mileage?
If you know you will be driving more than the allotted mileage, it may be worth increasing your lease mileage to avoid excess mileage fees at the end of your lease term.
4. Can I negotiate lease mileage limits?
Yes, you can negotiate lease mileage limits before signing the lease agreement. This can help ensure that you have enough miles for your driving habits.
5. What happens if I go over my lease mileage?
If you go over your lease mileage, you will be charged excess mileage fees at the end of your lease term. These fees can be quite expensive, so it’s important to monitor your mileage throughout the lease term.
6. Can I buy additional mileage upfront?
Some leasing companies may allow you to purchase additional mileage upfront at a discounted rate. This can be a good option if you know you will be driving more than the allotted mileage.
7. Can I transfer excess mileage to the next lease?
Unfortunately, excess mileage cannot be transferred to a new lease agreement. Any unused miles at the end of your lease term will be forfeited.
8. Can I pay for excess mileage fees monthly?
Some leasing companies may allow you to pay excess mileage fees on a monthly basis instead of as a lump sum at the end of the lease term. Check with your leasing company for their policies on this.
9. Can lease mileage limits be changed during the lease term?
In most cases, lease mileage limits cannot be changed once the lease agreement has been signed. However, you can negotiate this before signing the lease.
10. How can I estimate my annual mileage before signing a lease?
To estimate your annual mileage before signing a lease, consider your daily commute, weekend driving habits, and any long trips you may take throughout the year. Be conservative in your estimate to avoid going over the allotted mileage.
11. What happens if I underestimate my lease mileage?
If you underestimate your lease mileage, you may end up paying excess mileage fees at the end of your lease term. It’s important to monitor your mileage throughout the lease term to avoid any surprises.
12. Can I roll over unused lease mileage to the next lease?
Unused lease mileage cannot be rolled over to a new lease agreement. Any unused miles at the end of your lease term will be forfeited.