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Originally Posted by dbjunction
I will be signing my lease papers within next few days and i expect to land somewhere between 10k and 12k per year. Has someone run numbers on what makes more sense - 10k lease plus overages or 12k lease?
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The residual value between 10K and 12K is only 1%.
For 10K/year compared to 12K/year, you're saving approximately (ignoring other lease factors) $20 per month or $720 for the term of the 3 year lease.
Let's say you signed for 10K/year and drove an additional 6K miles over 30K. The overage between difference between 30K and 36K is 6K miles or $1500 (using 0.25 as a reference). In this this instance, going 12K/year would make more sense.
Quote:
Originally Posted by dbjunction
i have also heard bmw allows to buy additonal miles upto 120 days before lease return. I am assuming that would be costlier than buying upfront but less than the standard overage charges, correct? How much does Bmw charge per extra mile? i am buying x5 m50i.
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Yep you can actually buy additional mileage as a lump sum at a discounted rate up to the day before you turn in your lease. Example, if the discounted rate is 0.22 versus 0.25 and you're 1K over - it's going to cost you $220 versus $250. I have a call into BMWFS on Monday to purchase additional miles and will report what the discounted rare is.
Also, if you ever need to extend your lease in the future, you get an extra 1K miles per month.