Learn all about lease mileage – BMW of Norwood, serving Quincy and Needham

If you like to enjoy the latest BMW features and technologies more often, you might decide to lease your next vehicle so that you won't be tied to a long-term commitment and can upgrade to the newest model soon. However, there are a few lease restrictions you need to consider to know whether it's the right option for you, the most notable of which is mileage limits. Leases have mileage limits due to depreciation and residual value. The leasing company estimates what it expects a leased vehicle to be worth at the end of the term, and mileage limitation is a way to control an important factor in the residual value calculation.

Mileage options for a standard auto lease typically range from 10,000 to 15,000 miles per year, with 12,000 being the most common. And since leasing companies charge up to $0.25 per excess mile at the end of the lease, you may think that financing is a more prudent choice if you expect to exceed the limit. However, it is possible to find higher-mileage leases at lower rates than the overage fees. So, this option may be worthwhile since it gives you the freedom to drive longer distances while retaining the ability to return the vehicle at the end of the lease if it no longer suits your preferences.

Focus on the road, not your miles

If you aren't planning to exceed a lease's mileage limits but are concerned about the possibility, keep in mind that BMW makes it easy to purchase additional miles during your lease. The cost of purchasing miles after the fact is far lower than the end-of-lease overage rate, so you don't need to stress about it when selecting your mileage limit at the beginning. Simply call 800-959-4269 or sign into My BMW.

If you have any questions about financing or leasing a new BMW or the latest new BMW specials, please reach out to BMW of Norwood at your convenience, and we'll be happy to assist you.

Source: blog