[Maha]

HI guys,

I'm about the receive the delivery of my new 2002 MDX. I will lease the car for 48 month. I am not sure how many miles I need per year. Right now, I can only guess that I will drive about 10,000mi/year. If I choose the 12,000mi/year lease and if I find that I need more miles, can it be change to 15,000mi/year in the middle of the lease? Obviously I don't want to pay the extra $$ for the extra 3,000mi/year if I don't need it.

Thanks in Advance.

 

[RGWomack]

Maha, once you do the paperwork, that is the terms of your lease, just like a puchase contract. So you need to determine up front whether you want a 12k or 15k lease. You can always refinance later just like a regular purchase but it becomes a used car lease and your residual and money factor will change. You probably would be better off to pay the mileage penalty rather than refinance later. It's about 10 cents per mile to go from 12k to 15k, approx $900.00 for 36 months, verses 15 cents per mile penalty for going over. Read your contract to be sure on the penalty. I would go with the 15k if you are unsure, that way when you come to the end of your lease you can just walk away with out any out of pocket expense.

 

[octavian]

Roger as usual is right on....go with the higher mileage estimate up front for the reasons he mentioned.

Another reason is when you get close to lease end, you will be forever debating whether you should drive the MDX or not (or another car) to avoid putting mileage and avoid the mileage penalty.

I went nuts for 6 months on a previous lease....trying to stay within the self-imposed low mileage limit.....I finally gave up, put on the extra miles to save wear and tear on my brain but got hosed on the mileage penalty.

 

[MrPrescott]

You pay for the miles either way . . . 10cents per mile if negotiated up front, 15 if at lease end. I was in the same situation and decided on the 12k lease. Either I'll buy the car at the end, pay the penalty, or - I've heard some Acura dealerships will waive the penalty if you lease another car from them.

One thing I am finding is that I love the X so much, I'm driving it much more than usual. I've put 3.5 months worth of miles on in 6 weeks!

 

[RedMdxMemphis]

....One thing I am finding is that I love the X so much, I'm driving it much more than usual. I've put 3.5 months worth of miles on in 6 weeks!

Isn't that the truth?