Question About Lease Buyout and Mileage

[Letho_Gulet]

I’m new to leasing and have a quick question for my BMW i7. I’m currently leasing a car for three years with a limit of 10,000 miles per year. However, I’ve realized I’ll likely use only half of that mileage by the end of the lease.

When it comes time to buy out the car at the end of the lease, does the fact that I’ve driven significantly fewer miles affect the buyout price? Or will it strictly follow the purchase price outlined in the lease agreement?

it’s my first time navigating a lease, so I appreciate any advice!

 

[NoWine]

Nope, it doesn't affect the price. This is available if you pass the 10k, too.

 

[jerawrr]

I’m new to leasing and have a quick question for my BMW i7. I’m currently leasing a car for three years with a limit of 10,000 miles per year. However, I’ve realized I’ll likely use only half of that mileage by the end of the lease.

When it comes time to buy out the car at the end of the lease, does the fact that I’ve driven significantly fewer miles affect the buyout price? Or will it strictly follow the purchase price outlined in the lease agreement?

it’s my first time navigating a lease, so I appreciate any advice!

BMWFS can give you some money if you don't drive too many miles. Usually, the car isn't worth more than the buyout price. But you'll pay sales tax if you buy it out.

 

[iSteven]

The buyout price is typically based on the residual value in your lease agreement, which isn’t affected by mileage. Driving fewer miles helps you avoid excess mileage fees. While the car’s condition and market value may matter, the buyout price should stay the same unless your contract says otherwise. I learned this while researching lease buyouts.

 

[_dbo]

The trip far beyond your mileage usually doesn't hurt you too much at the end of your lease.

When you buy extra miles, I believe BMW will give you a small amount of money back, but not much.

 

[Streamliner]

Slightly off topic, but there is no way I would consider actually owning a current EV. Battery innovations are moving quickly and what may seem like a great system today, may be considered a relic in another year or two. These cars are great lease vehicles, but I have zero interest in owning one. Way before their useful time is up, I want it back in the hands of the dealer and a new one sitting in my garage.

 

[ChargedBeast]

Welcome to the world of leasing! The buyout price is typically set at the beginning of the lease and won’t change based on mileage. However, fewer miles could mean the car is worth more when you buy it, so you might be getting a better deal than expected. Always good to double-check with your dealer, though

 

[Letho_Gulet]

Thanks for the insights! Has anyone actually had success getting money back from BMWFS for low mileage? Or is that just wishful thinking? Also, yeah, the sales tax on buyout is a nice little extra slap in the face.