Buying a car is not for everyone. In many instances, it makes more sense to lease a vehicle. If you don’t want to be tied to one car for very long, leasing is a great choice. This is also generally a less expensive option compared to buying.
Because you won’t own the vehicle, it's important to be aware of restrictions, especially with mileage, when it comes to regular and high-mileage leases.
What Are the Mileage Restrictions with a Lease?
A typical lease has a mileage limit of between 10,000 and 15,000 miles per year. If you exceed the number in your agreement, you will be hit with a financial penalty. If you don’t do a ton of driving, this lease could be fine for you. However, if you anticipate driving more than that, it could be worth looking for a high-mileage lease.
What Does a High-Mileage Lease Offer?
With a high-mileage lease, you’ll have more miles to work with every year. This could be as much as 20,000 miles. This may sound great, but it’s important to know that this type of lease is more expensive.
How to Decide Which Type of Lease to Choose
While it’s probably impossible to know exactly how many miles you’ll drive every year, you should calculate that number as best you can. Then you can figure out if a regular or high-mileage lease is the better choice. You should also find out what the penalty for going over the mileage is, as paying this may actually be the better financial option.
If you have additional questions about leasing or mileage restrictions, get in touch with BMW of Catonsville.