When you choose a car through a lease agreement, it's likely that you'll need to agree on an annual mileage limit for the duration of the term.
Drivers who cover a relatively low number of miles on their journeys can benefit from a range of new agreements with limits of as little as 5,000 miles, and the typical 10,000-mile term is still available. The monthly lease payment is partially calculated using this estimated mileage, and can mean you get a much better deal on your ideal car.
As long as you remain within the limit while leasing and driving the vehicle, the agreement should continue without issue. Motorists intending to cover a greater amount of miles may also benefit from taking out a maintenance package for their agreement to keep the car running at its best.
If you move house during your lease, as well as updating addresses and other information it's advisable to ring your vehicle lender and discuss the mileage limit. Where a change of location significantly affects the amount you'll drive, this will usually be taken into account and the limit adjusted without hassle.
Should you exceed the mileage limit on your agreement at any point, the penalties can vary. Typically, the leasing contract will state a charge per extra mile, which will then be added up at the end. The final penalty will have VAT added to the total.
It's also important to keep in mind that a higher number of miles on the clock reduces the value of your vehicle when you decide to trade in for another car.
Find out more about new and approved used cars, leasing agreements, finance and part exchanges by getting in touch with your closest Lookers Group dealership.
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