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  #1  
Old 07-14-2013, 09:58 PM
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Popoemt Popoemt is offline
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Buy new or burn the miles on a lease

Hi All, so I may have an interesting query here...

I recently moved into a new 740 (3 year lease, 45k miles allowed). I love love love the car, and drive the crap out of it right now. I am possibly looking at a new job (min. year contract) that would require a minimum of 60-100 mile RT (depending on the site). I posted this up in the 7 forum, and thought it might be wise to post here as well.

The issue is this, buy a new (or CPO etc) car for the commute, or, as some fellow festers have prescribed, just drive the heck out of the 7 and pay the higher mileage on lease end (I'm 99.9% certain I won't be buying it out at the end of lease). It has been argued to me the cost of simply buying the extra miles is certainly cheaper than getting a "new" car/taxes/license/insurance etc.

Some of my thoughts have been the extreme amount of miles I would go over on lease end. How badly that may affect the return of the vehicle.

I am thinking for the new car I would set aside around $650/mo for payments, which if I were to put that money from that down (years worth) on miles (.22/mile), I would gain an extra ~35k miles on the 7.

Thoughts/ideas? V/r Tim.
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  #2  
Old 07-15-2013, 01:12 AM
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Enjoy the hell out of the car now and then buy a CPO at the end of this lease. The cost of owning a 2nd commuting car will be greater than the cost of extra mileage.
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  #3  
Old 07-15-2013, 04:45 AM
CTSoxFan CTSoxFan is offline
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I agree with jagu. Buy the miles at some point before turn in (I think it has to be at least 4 months prior), and enjoy the car. I can imagine the lease on that 7 has to be north of $1k/month. If you get a second car you will be paying over a grand a month for a car to sit in your garage, plus you will likely not hit the 45k miles so you will have wasted money on that as well, not to mention the extra cost of a second car.
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  #4  
Old 07-15-2013, 06:01 AM
Alpine300ZHP Alpine300ZHP is offline
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Buy new or burn the miles on a lease

Quote:
Originally Posted by jagu View Post
Enjoy the hell out of the car now and then buy a CPO at the end of this lease. The cost of owning a 2nd commuting car will be greater than the cost of extra mileage.
This. My m3 is the daily beater that sees 80-100 miles a day. I plan to buy the extra miles needed 6 months prior to lease termination and then turn it in. Figure about an extra 4800 for miles at the reduced rate of .16 per mile. What kind of car can you buy for that sum? Leasing is actually better for a high mileage driver like you because the 7 depreciates like a rock.


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Last edited by Alpine300ZHP; 07-16-2013 at 04:22 AM.
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  #5  
Old 07-15-2013, 06:48 AM
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Wait til near end the lease to buy miles you also never know what could happen with any pull ahead programs. Our last 328 (high mileage vehicle) was just about at 45k when a pull ahead became available several months before lease end and we moved into another lease at same payment with no penalty.
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Last edited by HG132; 07-15-2013 at 06:50 AM. Reason: Clarification
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  #6  
Old 07-15-2013, 08:33 AM
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Popoemt Popoemt is offline
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Buy new or burn the miles on a lease

Great replies, thanks everyone... Good thinking points...


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  #7  
Old 07-15-2013, 10:08 AM
lakerslive2004 lakerslive2004 is online now
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Wouldn't you have to worry about out of warranty repairs once you pass 50k miles?
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  #8  
Old 07-15-2013, 10:12 AM
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Buy new or burn the miles on a lease

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Originally Posted by lakerslive2004 View Post
Wouldn't you have to worry about out of warranty repairs once you pass 50k miles?
That's a good question that I imagine the answer to is yes. I also think I would go well north of 45k miles with the extra driving my family and I do in the car on the weekends (hell, I already have 8,500 miles on it and I've had the car since March...)


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  #9  
Old 07-15-2013, 10:28 AM
Alpine300ZHP Alpine300ZHP is offline
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Quote:
Originally Posted by lakerslive2004 View Post
Wouldn't you have to worry about out of warranty repairs once you pass 50k miles?
Quote:
Originally Posted by Popoemt View Post
That's a good question that I imagine the answer to is yes. I also think I would go well north of 45k miles with the extra driving my family and I do in the car on the weekends (hell, I already have 8,500 miles on it and I've had the car since March...)


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You guys are correct. However, if you are willing to take a little bit of risk I would say just drive the car out of warranty. Is it really that big of a deal? It looks like Popoemt drives about 25,500 miles a year which is about what I drive. So he will be out of warranty for approximately 1 year with most miles being highway miles. I am willing to bet he will have few out of warranty expenses.
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  #10  
Old 07-15-2013, 10:34 AM
lakerslive2004 lakerslive2004 is online now
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Quote:
Originally Posted by Popoemt View Post
That's a good question that I imagine the answer to is yes. I also think I would go well north of 45k miles with the extra driving my family and I do in the car on the weekends (hell, I already have 8,500 miles on it and I've had the car since March...)


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Why not lease a second car instead of buying a car just for the commute? Then you could alternate between your 7 and whatever car you can lease for $550, leaving the remaining $100 for registration and insurance, which shouldn't be too bad for an additional car.
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  #11  
Old 07-15-2013, 10:44 AM
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Buy the miles.....
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  #12  
Old 07-15-2013, 02:39 PM
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Buy the miles...I have a neighbor who bought a second car, a Nissan Pathfinder because of high mileage...he now is stuck with TWO high mileage cars. Two cars, two insurances, et cetera...waste of money when there is a simple answer.
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  #13  
Old 07-15-2013, 03:45 PM
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Quote:
Originally Posted by Popoemt View Post
That's a good question that I imagine the answer to is yes. I also think I would go well north of 45k miles with the extra driving my family and I do in the car on the weekends (hell, I already have 8,500 miles on it and I've had the car since March...)


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If you are with geico, they have a mechanical breakdown coverage for $15/mo. with a $250 deductible. That would be perfect for high mileage leases. This was back in 2008 , so I don't know if they still have it.
Check with your insurer.
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Last edited by jagu; 07-15-2013 at 03:47 PM.
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  #14  
Old 07-15-2013, 06:50 PM
skilletbgm skilletbgm is offline
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Buy new or burn the miles on a lease

+1 to buying the miles...you're talking $6600 for 30,000 miles. Throw in $3000 for an extended warranty (probably less), and you're still under 10K.... less than buying/leasing another vehicle for sure.

Also, you might want to determine if paying the mileage vs just getting out if the lease early through a pull ahead or some other incentive program makes sense once you hit the 30 mos mark.

Regards,
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  #15  
Old 07-16-2013, 04:24 AM
Alpine300ZHP Alpine300ZHP is offline
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Buy new or burn the miles on a lease

Quote:
Originally Posted by skilletbgm View Post
+1 to buying the miles...you're talking $6600 for 30,000 miles. Throw in $3000 for an extended warranty (probably less), and you're still under 10K.... less than buying/leasing another vehicle for sure.

Also, you might want to determine if paying the mileage vs just getting out if the lease early through a pull ahead or some other incentive program makes sense once you hit the 30 mos mark.

Regards,
Not that much money. I figure 4800 dollars if he buys 30k miles in advance through the MAP program at .16 per mile.


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  #16  
Old 07-16-2013, 07:50 AM
skilletbgm skilletbgm is offline
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Quote:
Originally Posted by Alpine300ZHP View Post
Not that much money. I figure 4800 dollars if he buys 30k miles in advance through the MAP program at .16 per mile.
Hmm...He has a 7er...those use a higher mileage adjustment figure. $0.22/mile instead of $0.16
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Last edited by skilletbgm; 07-16-2013 at 07:51 AM.
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  #17  
Old 07-16-2013, 08:05 AM
Alpine300ZHP Alpine300ZHP is offline
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Buy new or burn the miles on a lease

Quote:
Originally Posted by skilletbgm View Post
Hmm...He has a 7er...those use a higher mileage adjustment figure. $0.22/mile instead of $0.16
My mistake. Thanks for the clarification. Even so buying the miles is best way to go.


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