High-Mileage Lease: Everything You Should Know

A high-mileage lease lets you drive more with your leased vehicle than the typically allotted miles per year. It's a great option if you know you'll exceed your lease's mileage limitations. The question is: How does a high-mileage lease work? Is it the right move when getting your next car near St. Charles, St. Louis, O'Fallon, or St. Peters, MO?

Our team at St. Charles Nissan has all the information you need to know about high-mileage leases.

What Is a High-Mileage Lease?

For the most part, a high-mileage lease works the same way a regular lease does. Essentially, you'll rent the car for a few years and make monthly payments along the way. Once the lease term is up, you'll be able to buy the car or trade it in for another lease.

All leases come with mileage limitations. They're usually between 10,000 and 15,000 miles per year, depending on your needs. This is where a high-mileage lease differs. It can raise the mileage cap up to 20,000 miles a year or more.

It's important to keep in mind that these extra miles can come with a cost. Your monthly payments may be a little more than a typical lease, but it'll be worth it in the end if you can avoid any associated costs of exceeding the mileage limitation.

When Is a High-Mileage Lease a Good Idea?

A high-mileage lease is usually a good idea for any driver who tends to put a lot of miles on their vehicle. If you just scored a great new job that involves a lengthy commute or regular business trips, consider a high-mileage lease. It may also be a great option if you're an avid road tripper.

If you know you drive more than the average driver, but you still want all the perks of getting a new car every few years, a high-mileage lease is definitely for you.

However, if you're thinking about a high-mileage lease because you'd rather be safe than sorry, think again. The average American driver only covers about 13,500 miles per year. If you have a regular commute and a few average road trips a year, it's unlikely that you'll exceed the mileage of a standard lease.

High-Mileage Lease vs Buying

Buying is a viable alternative to a high-mileage lease, especially if you're looking for an on-road companion that's going to stick with you for years to come. When you follow the traditional financing route and purchase the vehicle with a loan, you won't have to deal with a yearly mileage limit.

When comparing a high-mileage lease to a traditional loan, consider the overall cost of the vehicle and that extra mileage could mean more depreciation. Luckily, there are online tools you can use to see how those miles might impact the value of the vehicle. If it's more than the cost of the lease, buying is the way to go.

Buying out your lease is a third option that could be a good fit. If you opt for a standard lease and exceed the mileage limitation, you can purchase the vehicle after the lease term to avoid any extra mileage charges.

You May Also Like:

• How to Lease a Nissan
• Should You Buy Your Leased Car?

Is a High-Mileage Lease Right for You?

Now that you know what makes a high-mileage lease a smart choice for many drivers in St. Charles, St. Louis, O'Fallon, and St. Peters, Missouri, it's time to consider how far you travel in a year.

If you think a high-mileage lease is right for you, contact our team at St. Charles Nissan!