Excess mileage over increased monthly
Discussion
Having seen a few interesting lease deals on the Model 3 recently and with a possible need for a new vehicle in the New Year I’m strongly considering going electric and having my Cooper S as a bit of a project. I’ve never leased/PCP’d a car before, only ever purchased with a bank loan, so I’m trying to quantify the risks of mileage calculations. My usual commute is 33 miles each way, all A roads or town. I also do 30 or so miles a week town driving around and about. Working on the basis of 3 days a week in the office I think my annual commute plus weekly other driving will be around 10,500 miles. This past year, beyond commuting, I’ve probably only covered an extra 600-800 miles.
Realistically am I better off risking 1,200-2,000 miles excess charge (which seems to be about 20p per mile/£240-£400), or paying for 12,000 miles a year, since 11,000 doesn’t seem to be a thing? I’d only do a 24 month lease as 3 years seems to jump up and 4 back to 24 month levels. Happy to do higher monthly for lower initial, although I realise that’s obviously the less efficient way to do it financially.
Is there any easy/commonly expected additional mileage type calculation, especially in handy web format?
Thanks in advance.
Realistically am I better off risking 1,200-2,000 miles excess charge (which seems to be about 20p per mile/£240-£400), or paying for 12,000 miles a year, since 11,000 doesn’t seem to be a thing? I’d only do a 24 month lease as 3 years seems to jump up and 4 back to 24 month levels. Happy to do higher monthly for lower initial, although I realise that’s obviously the less efficient way to do it financially.
Is there any easy/commonly expected additional mileage type calculation, especially in handy web format?
Thanks in advance.
Yes and no. Assuming everything stays the same then yes, easy, but the “out of scope” mileage when calculating (for want of a better phrase) is a bit of a PITA variable. I’m essentially wondering whether there’s a typical multiplier of commute people use when deciding what they’ll need mileage wise?
A rule of thumb to increase daily driving by to arrive at an estimated annual - commuting mileage plus 10% or similar. I think I have a fairly good handle on it, but wondering if there’s an alternative way to do it.
I’m also wondering if there’s a typical break point for accuracy when it comes to overpaying monthly to avoid excess - for instance am I better off paying monthly for a 12000 mile lease than an 11000 mile plus excess charge for 250 miles? Only a rule of thumb. I could build a model I’m sure, but I’m wondering whether it’s already been done.
I’m also wondering if there’s a typical break point for accuracy when it comes to overpaying monthly to avoid excess - for instance am I better off paying monthly for a 12000 mile lease than an 11000 mile plus excess charge for 250 miles? Only a rule of thumb. I could build a model I’m sure, but I’m wondering whether it’s already been done.
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