Looks like im going to exceed my 12k per year mileage

[Epi117]

Going into month 8 of two year lease. Averaging about 1,200 miles a month on a 12 k a year lease.

Options:

1. Setting aside $50 a month for extra mileage fee
2. Pay off last few months once it hits 24 k miles if fees are more expensive than few months payments
3 is it possible or worth it to re-negotiate lease?

Thanks, really love the leaf, after the rocky start of first two months.

Any advice is appreciated

 

[Mxyzptlk]

Are you definately turning it in after the lease is up? If not and you buy it out mileage doesn't matter in that scenario. Just a thought.

 

[RonDawg]

I don't know how much it would cost to re-negotiate to a 15k/year lease, or if NMAC even allows it, but it certainly doesn't hurt to call or write/email them and ask. The worst that can happen is they say no.

Another option is at the point where you reach 24k miles to see what the payoff is and asking a dealer to buy the car out for that sum in exchange for purchasing/leasing another car from them. Or just wait until lease end and ask the dealer to buy the car for the residual. That's what I did when I went overmileage on my first leased car. The difference between the payoff and the actual trade-in value was rolled into the payments of the next car though.

As your overmileage penalty will only amount to $720 at the rate you're going, saving up $45 a month may be the best option. At your rate, you will hit 24k miles 4 months short of lease end, and unless your lease is $180/month or less, paying the overmileage penalty would be cheaper. You might be able to get the dealer to absorb that as part of negotiations on the next car you get.

 

[Epi117]

Thanks, not going to buyout leaf, but at getting a new electric car after lease is up. Hopefully the 2015 leaf will be great.

 

[cwerdna]

I would be curious to hear the outcome of renegotiating the lease. I've contemplated upping my lease to 15K miles/year.

The likelihood of me buying my Leaf at the end at the residual price is very low.

 

[Epi117]

I just sent an email, I'm sure i will hear something soon.

 

[smkettner]

Thanks, not going to buyout leaf, but at getting a new electric car after lease is up. Hopefully the 2015 leaf will be great.

Best shot at negotiation will be when trading to a new Nissan. At that point you have leverage as you could buy a different brand...
JMHO

 

[DoctorSaul]

Going into month 8 of two year lease. Averaging about 1,200 miles a month on a 12 k a year lease.

Options:

1. Setting aside $50 a month for extra mileage fee
2. Pay off last few months once it hits 24 k miles if fees are more expensive than few months payments
3 is it possible or worth it to re-negotiate lease?

Thanks, really love the leaf, after the rocky start of first two months.

Any advice is appreciated

Go to dealer about 3 or 4 months early (to lease expiration) to negotiate a new Leaf. Dealer should be anxious to do a deal, and NMAC may not care since the 12000 was not exceeded, assuming you are willing to pay or roll-in the 3 or 4 months lease payments into the new car lease.

 

[garymelora]

I am going way over on my lease because I took a new job with a much longer commute than I had. I will gladly pay the $.15/mile at the end. I look at it this way; if I could buy a car for $15,000 that I knew would go 100,000 miles with no maintenance, and then be worth nothing, I would take that deal. Every mile I drive over the lease is like a little piece of that deal.

 

[LTLFTcomposite]

^ This occurred to me as well, the over mileage penalty effectively reduces the cost to buy out the car. Taken to an extreme if you went 100k miles over the penalty would be the same as the buyout, so paying the penalty would be like gifting the car to NMAC.

 

[garymelora]

^ This occurred to me as well, the over mileage penalty effectively reduces the cost to buy out the car. Taken to an extreme if you went 100k miles over the penalty would be the same as the buyout, so paying the penalty would be like gifting the car to NMAC.

You make an excellent point. My buyout after 3 years will be $16,800, and my over mileage penalty will be about $2,500. If the car is actually worth $14,300 retail at that time, I will consider buying it.

 

[garymelora]

I am going way over on my lease because I took a new job with a much longer commute than I had. I will gladly pay the $.15/mile at the end. I look at it this way; if I could buy a car for $15,000 that I knew would go 100,000 miles with no maintenance, and then be worth nothing, I would take that deal. Every mile I drive over the lease is like a little piece of that deal.

I thought of another way to look at the over mileage penalty that I think is more accurate and makes it sound even better. If you could lease an SL for nothing down and $150 per month 12,000 miles per year, that would be 15 cents per mile. That would be a spectacular deal.

 

[LTLFTcomposite]

It's no secret that new cars lose value faster than older ones. That said, it's a safe bet that a three year old Leaf doesn't lose a full 15 cents in value for every mile it is driven beyond 36,000. There must be a point where the lines cross, and the buyout price minus the penalty is less than the market value of the car, but I don't know how to solve for X in that problem.

 

[parout66]

Really don't think you will have much luck changing the lease. However it doesn't hurt to ask.

Interesting thing is I leased my 2012 upgraded to 15K per year for a 2 year lease. The finance girl scoffed a bit and stated it would be hard to drive a Leaf that many miles per year. I knew better. My one yr anniversary is in a month and I will be just under 15K on the odometer!

 

[Epi117]

I called:

the overage fee is .15 cent a mile
could not renegotiate
I'm just going to either pay the amount when lease is up or once i hit 24k paid my last few months payments and turn it in early

not going to purchase, i'm actually excited about 2015 Ev models, like a little boy in candy store, so waiting to see what new models come out.