High Mileage Lease
Hi Guys,
Was out looking this weekend for a new family SUV. Wife puts on about 20K/year. Looking at SUV's at the 50K mark. Not ready to buy yet - just trying to decide on which model would work. A couple of dealers strongly suggested that we consider a high mileage lease. While I know any financial structure is possible, I never thought about doing this, or if it made sense. It would be a business expense.
Generally is this waste of my time, or is it worth unpacking this further to see how it looks?
appreciate your thoughts
Was out looking this weekend for a new family SUV. Wife puts on about 20K/year. Looking at SUV's at the 50K mark. Not ready to buy yet - just trying to decide on which model would work. A couple of dealers strongly suggested that we consider a high mileage lease. While I know any financial structure is possible, I never thought about doing this, or if it made sense. It would be a business expense.
Generally is this waste of my time, or is it worth unpacking this further to see how it looks?
appreciate your thoughts
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However, extra miles can be 'purchased' up front for a set amount per mile. Lexus, for example, charges .20/mile. This amount is deducted from the calculated residual.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
I know that leasing is always somewhat more expensive that buying (well, usually, not always), but with all these mileage charges (36 X $83 = almost $3,000) maybe a purchase makes sense.
Which I may have to do, given that I'm at almost 35,000 miles into a 45,000 mile lease .. and I've got a year left.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Also, banks run different lease programs for high-mileage business leases. It's definitely worth checking out.
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