High Mileage Car Lease
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When it comes to searching for the perfect lease offer, there’s one thing extremely common when it comes to comparing offers online. The mileage, as around 85-90% of lease offers are based on either 8,000 or 10,000 miles. For some drivers this is perfect, but for those who need to use their car often? Not so much. So we’ve put together the perfect high mileage car lease offers and displayed them below on one handy page.
But first, we’ll cover the basics around mileage limits and why they’re important to get right with your lease.
Why are there mileage limits in the first place?
Simple. Your monthly rental is determined by how much your car is worth at the end of your contract or otherwise known as the ‘residual value’. The less distance your car’s travelled, the more it increased in its resale value.
So if you’ve accidentally exceeded the mileage limit, the funder (the company who owns the car) will take the hit on the unexpected depreciation cost. Leading to extra charges for extra miles. However, this can be all be avoided by choosing the right contract.
How do I work out my annual mileage?
Calculating your approximate annual mileage is pretty straightforward, following our handy steps below:
- Start with your commuting miles. Work out on average how many miles it takes to get to and from work monthly and multiply this figure by 12. If you use your car for work don’t forget to take this into account also.
- Next, move onto your personal miles. How many miles would you typically cover over the weekend? Don’t forget to take into account errands and running to and from the shops! Multiply your weekend mileage by 52
- Finally, move onto those long distance trips you make every so often. How many times do you make these trips? What are you expecting to cover?
- Total up your values and you should then have your approximate annual mileage. We’ve not taken into account any annual leave from work or less driving during the holiday season. However, it should give you some leftover miles for when you really need them most.
…but what if my circumstances change? No problem. Most funders will have an option to increase your mileage part-way through your contract. However, this only works one way and you cannot decrease your mileage.
Can a high mileage car lease benefit me?
Contrary some belief, high mileage drivers are definitely best suited to lease contracts. As it benefits the leaseholder by:
- Eliminate Depreciation Costs – There are lease contracts available up to 50,000 miles per annum (mpa). When taken over a 3-year contract, you’ll have a vehicle that’s travelled 150,000 miles and won’t have the headache of dealing with the lower resale value of this vehicle.
- Maintenance Packages Available – Chances are if you’re driving loads and loads of miles, there are things that need to be replaced. Often. So with this optional extra, you’ll have your tyres, servicing and general maintenance fully covered.
- If you’re a VAT-registered company/business – You’re legible to claim back a proportion of the VAT for finance rentals and maintenance costs. Reducing your monthly lease rental.
- Guaranteed new-car feeling – and there’s nothing better than this right? You’ll get the same feeling every couple of years and you’ll drive away knowing your cars covered by a full manufacturer warranty.
If you’d like to know more about how car leasing works, click here or alternatively don’t hesitate to give us a call on 01904 557 544 and somebody from our friendly team will happily assist with any questions you may have.
Are high mileage leases available for any type of car?
Short answer: Yes! Long answer: It depends on how much you want and what your budget limit is. Whilst having a Ferrari might be the dream, high mileage leases aren’t suited for this type of car. Instead, we’d recommend something that’s comfortable for long car journeys and sensible to run.
With this guide, we hope you’ll be able to lease that perfect vehicle without worrying about the mileage. However, before you request your quote don’t forget to:
- Choose the term (length of contract). Ranging from 18, 24, 36 or 48 months.
- Set your mileage. Anywhere between 5,000 to 50,000 miles annually
- Structure your payments to whichever suits you best. Put more money upfront to lower your monthly rentals or put less upfront for the opposite effect.
- Maintenance. If you’d like to include servicing, tyres and general fair wear and tear items, please let us know and we’ll include this in your quote.
Say hello and drop us an email at email@example.com for your personalised high mileage car lease quote.
Call 01904 557 544 or contact us here for your quote today.
Begin your lease journey with us by calling 01904 55 75 44 or drop us an email at firstname.lastname@example.org