1. What is the Lease Mile Calculator?

The Lease Mile Calculator helps determine your annual mileage allowance by dividing your total lease miles by the lease term in years. This helps you budget your driving to avoid excess mileage penalties.

2. How Does the Calculator Work?

The calculator uses a simple formula:

Where:

• \( \text{Total Allowed} \) — Total lease miles
• \( \text{Lease Years} \) — Lease term in years

Explanation: The equation evenly distributes your total allowed miles across each year of your lease.

3. Importance of Mileage Calculation

Details: Calculating your annual mileage allowance helps prevent costly excess mileage fees at lease end, typically $0.15-$0.30 per mile over your limit.

4. Using the Calculator

Tips: Enter your total lease miles and lease term in years. Both values must be positive numbers (lease years must be at least 1).

5. Frequently Asked Questions (FAQ)

Q1: What's a typical annual mileage allowance?
A: Most leases offer 10,000-15,000 miles per year, but this varies by lease agreement.

Q2: Can I change my mileage allowance mid-lease?
A: Some lessors allow increasing your mileage allowance for an additional monthly payment.

Q3: What if I exceed my mileage?
A: You'll pay per-mile fees at lease end, or can sometimes purchase additional miles upfront at a lower rate.

Q4: Does unused mileage roll over?
A: No, unused miles typically don't carry over year-to-year or reduce your total obligation.

Q5: How accurate should my mileage estimate be?
A: Track your actual mileage against this calculation monthly to stay on target.