How does mileage affect lease pricing
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Member
Joined: Mar 2003
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How does mileage affect lease pricing
I can get a lease for an 03 e class 39 months with 12,000 miles for around $600 a month but I was wondering how much more per month will my payments go up to jump it up to 15,000 miles per year. Anyone know?
Super Member
Joined: Oct 2002
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From: VA
03 E320, sport package, moon roof, sound upgrade, brilliant silver, charcoal leather, heated seats..
I think the milege situation does not influence your payment, but the cost to you when the lease is over. Miles over the stated limit are charged at some cents per mile ($0.15 for example, varies with the lease). So, if you signed a contract for 12K miles per year for 39 months but you put 15K miles per year on the car over that period...you would have +/- 9k excess miles or owe 9k x .15= $1350 at the close of the lease. Also, if you have damage on the body greater than the size of a credit card, you will owe for repairs.
Newbie
Joined: Apr 2003
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From: Westlake Village, CA
2003 E500 Sport
The mileage you choose affects the residual on the lease. The higher the mileage, usually, the lower the residual and the higher the payment. However, it is almost always cheaper to, in essence, pre-pay the miles if you know you are going to use them, than to pay for them later on the back end. The only exception is that, sometimes, if you are moving into another lease at the same dealer, they will waive a "reasonable" amount of excess miles to get the swap done.
I can't tell you how much it will cost you extra, but if you just ask the dealer for the difference in the residual for a higher mileage amount, you will be able to calculate it yourself.
Good luck.
I can't tell you how much it will cost you extra, but if you just ask the dealer for the difference in the residual for a higher mileage amount, you will be able to calculate it yourself.
Good luck.
