usually the mileage is "up to", and i dont' think they'll give you a refund or credit for unused mileage
i would not lease a car if it were to be used sporadically though
just wasting more money imho
I've never leased, or even considered leasing before. I have a daily driver that I plan on keeping indefinitely so no trade in. Just looking for a second vehicle to keep miles off my older car and to use when doing maintenance. I diy as much as possible, but due to limited free time some simple projects/repairs end up taking several days or weeks. So the second vehicle is basically a luxury rather than necessity.
If I lease a new car, and put well below the available mile limitation on it, is there any potential financial benefit long term? I estimate on the high end I will put a maximum of 5k miles a year on the second car. My thought is that the value will be higher than the estimated residual and, I could then sell the car for more than the balance owed or buy it myself at a very good price. I'm sure I will want to buy another car to replace what I have now at some point. And buying something that has been in my possession for a few years is better than buying an unknown used car.
Does this make any sense or am I confused?
Last edited by Airy32; 05-02-2012 at 09:14 PM.
I agree but, I'm not hoping for a refund or credit. I'm just thinking there will be a predetermined
residual value which, if I understand correctly, will be what it will cost me to purchase the car at the end of the lease term. If my mileage is half of what is allowed, I should be able to either purchase the car for myself for below what it would cost me for a comparable used vehicle or, sell it to a third party for more than it cost me.
If a leased vehicle has a higher market value at the end of the lease, can the lessor charge you more than the predetermined residual to buy the car?
If you lease a vehicle with the minimum amount of mileage that the manufacturer offers (for example, VW's is 10k), the residual will be higher than if you choose to lease for a higher mileage (usually a 3-4% difference).
The lessor may not sell you the vehicle for more than the contract residual. However, if you are thinking that you will get the car for less than market value, you're wrong.
So let me get this straight? Your engine is 1.8-liters, and my pop is 2?