Car Leasing 301 - Excessive Mileage
Excessive Mileage on Your Car Lease
All car lease agreements will outlined the maximum average annual mileage the consumer is allowed within the lease term, without paying a penalty charge if exceeded. Common mileage limits are estimated around 15K miles, or 24-25 kilometers, per year. Different leasing companies and leasing agreements may stipulate different average mileages allowed.
Each consumer should consider their driving limits as it suites their lifestyle as the penalty at lease-end can be expensive for exceeding the limit. On average, penalty fees range from $0.10 to $0.25 per mile. Different countries – UK , USA and Canada may vary in their maximum average annual mileage and penalty charges.
Practically all vehicle lease agreements require the consumer to maintain some level of insurance protection. Ensuring you have maximum insurance protection is always a good idea, though each consumer may have different insurance requirements and risk tolerance. However, for any major repairs, insurance lawsuits, etc., it’s always good to ensure you’re covered.