Over the mileage on 2014 E350 Lease. Best option?

kris200050

I'm 15 months into a 27 month 2014 E350 lease. Already about 10K in miles over my annual max of 15k per year.
I've been receiving emails from different dealerships (I didn't reach out to them) trying to get me into a new lease. They are 36 month leases with money upfront and higher payments. Am I better off staying with my lease until the end and despite being way over the allowed miles, negotiating a new lease (I intend to lease the same car again) or try to get out now? Not sure how negotiable the mileage is at the end of a lease. Assume this would be my 3rd car with the same dealership.

Thanks!

kyfdx

kris200050 said:

I'm 15 months into a 27 month 2014 E350 lease. Already about 10K in miles over my annual max of 15k per year.
I've been receiving emails from different dealerships (I didn't reach out to them) trying to get me into a new lease. They are 36 month leases with money upfront and higher payments. Am I better off staying with my lease until the end and despite being way over the allowed miles, negotiating a new lease (I intend to lease the same car again) or try to get out now? Not sure how negotiable the mileage is at the end of a lease. Assume this would be my 3rd car with the same dealership.

Thanks!

Mileage penalties are rarely negotiable. Of course, if you trade your car in, those won't apply.

At this rate, you'll be 18,000 miles over at lease end. I'm not sure of your mileage penalty, but if it's $0.20/mile, then that will be $3600.

That sounds like a lot, but it's only $133/month extra... .which isn't a lot, considering the massive mileage you are piling up. Balance that against a higher payment on a new lease, which probably still won't have a mileage allowance that will cover your driving.

There are plenty of variables at work here, but unless you get a killer deal on the new one, I'd just ride it out.

kris200050

Yeah that's what I figured. Let's say I owe $3,600 at the end of the lease in mileage, that will be worked into a new one. But, with new car discounts and loyalty rebates some of it might get eaten up (I hope). The way I figure it, why start paying a higher payment now when I can have my lower payment for another year.

kyfdx

kris200050 said:

Yeah that's what I figured. Let's say I owe $3,600 at the end of the lease in mileage, that will be worked into a new one. But, with new car discounts and loyalty rebates some of it might get eaten up (I hope). The way I figure it, why start paying a higher payment now when I can have my lower payment for another year.

I agree.