Can I buy extra miles in the middle of a lease if I see I’m going over my allowance?
No we cannot.
We can only buy discounted mileage credits before we sign a car lease.
I might have some great news for you…
Every lease agreement has a buyout clause. It is the Residual Value of our car…
This amount is a guess by the leasing company as to the market value once the term ends…
And it is only a guess.
Most times, this guess is about 10% higher than it should be…
But sometimes, this guess is up to 10% lower than it should be.
When the Residual Value is lower, we can buy out the lease and come out ahead. And this makes all leasing penalties go away – including the mileage penalty.
In fact, we can buy out our lease at any time.
The calculation is:
The Purchase Option at End of Lease Term (a.k.a. the Residual Value) PLUS the total cost of the remaining monthly payments.
For example, my Toyota RAV4’s current buyout amount is around $12,000 – this includes my remaining monthly payments. But similar cars are currently selling for $16,650. That means I can try to privately sell my car… and if I get a buyer to pay over $12,000, I can make money AND wipe out any mileage penalties.
If I do not want the hassle of selling my own car privately, I can have a car dealer or a used car lot buy this leased car from me…
I will not get as much for the car, but it is hassle free. They even take care of all the paperwork and title transfers.