Covid affect on lease miles

[nola2atx]

Anyone else wayyyyy under their miles due to isolation and work from home? I feel like I never drive anymore. I'm very under my projected lease mileage at this point I could probably drive cross country and be fine.

[kscarrol]

Having never leased this might be a stupid question but will the residual/buyout at the end of the lease be adjusted higher if you have lower than expected miles?

[quick6]

They give you a check for unused miles and the buyout option in your lease remains the same.

[spazzyfry123]

Originally Posted by quick6

They give you a check for unused miles and the buyout option in your lease remains the same.

Is it proportional to the $/mile they would charge you if you went over? Say if it costs you $0.25/mile over your mileage cap, would you get $0.25/mile for each unused mile under that cap?

[TrevorM3]

i have leased before and swapped it away, i have another lease right now, andit goes back March of 21'. I'm alotted 30k, and i'm at 11k right now. I'm genuinely curious as to what, if anything i'll get back. I'm not expecting much.

[chowser51]

wish i could lease. i average 15k miles a year. minimum. covid or not. gotta work everyday.

bought my daughter an old car in february with 94k miles on it just before covid hit. i just checked and she's at 99k miles. i was like wtf? no school, no work but you still put on 5k miles??!!?!?

[WingZeroX5]

I returned my F80 a few weeks ago and I got $500 credit applied to another account. About 5K under miles

Just ask BMWFS, they will tell you how much credit you get if you come under a certain %.

[VisualEcho]

Originally Posted by quick6

They give you a check for unused miles and the buyout option in your lease remains the same.

That's awesome. I remember my first couple of leases, I had to buy the car and the resell it because the companies would not reimburse me for miles not used. Cool that BMW gives you that market value back.

[quick6]

Originally Posted by spazzyfry123

Is it proportional to the $/mile they would charge you if you went over? Say if it costs you $0.25/mile over your mileage cap, would you get $0.25/mile for each unused mile under that cap?

I actually can"t recall save for I received a check-albeit small when turning in my 2015 M5. You probably won"t get rich-I think it was less than $300.00 but beats a bill!

[F32Fleet]

Originally Posted by kscarrol

Having never leased this might be a stupid question but will the residual/buyout at the end of the lease be adjusted higher if you have lower than expected miles?

No.

[F32Fleet]

Originally Posted by nola2atx

Anyone else wayyyyy under their miles due to isolation and work from home? I feel like I never drive anymore. I'm very under my projected lease mileage at this point I could probably drive cross country and be fine.

My wife leases and yes she's under miles due to the pandemic.

[dreamingat30fps]

I'm too cheap to lease, but I definitely didn't think you got any $$ back for unused miles. I thought you just couldn't go over. Progressive gave me like $50 back whoopdeedoo considering I've driven probably under 300 miles in the last 3-4 months. Most of those on 2 longer trips.

[CDirks]

Originally Posted by chowser51

wish i could lease. i average 15k miles a year. minimum. covid or not. gotta work everyday.

bought my daughter an old car in february with 94k miles on it just before covid hit. i just checked and she's at 99k miles. i was like wtf? no school, no work but you still put on 5k miles??!!?!?

First thing that comes to mind is beach/cabin trips. Lots of social distancing happens a fair distance from home

[RickFLM4]

Sounds like BMW is currently giving discounts for leases at the end of their terms:

https://f80.bimmerpost.com/forums/sh....php?t=1711966

So if you have low miles and they are giving a discount on the residual when the lease is up, buying it out might not be a bad option if you like the car. I’m certainly hoping they have an incentive for my buyout next year.

[rebekahb]

I'm currently under 1000miles/mth. The only reason it's that high is because I've driven to the beach 3 times and it's almost 500 miles round trip. I'm only 6 months into my lease so plenty of time to make up those miles over the next few years.

I also kept my beater car and drive that for work 95% of the time so that keeps miles off.

[BimmerDimmer6]

Originally Posted by rebekahb

I'm currently under 1000miles/mth. The only reason it's that high is because I've driven to the beach 3 times and it's almost 500 miles round trip. I'm only 6 months into my lease so plenty of time to make up those miles over the next few years.

I also kept my beater car and drive that for work 95% of the time so that keeps miles off.

What is the beater car? Am thinking about getting one if I lease an M2 in the fall.

[rebekahb]

Originally Posted by BimmerDimmer6

What is the beater car? Am thinking about getting one if I lease an M2 in the fall.

Meet Red Rover. It's a 2003 Ford Explorer and I currently have 156,000 miles on it. My husband bought it for $2k for one of his workers last year but I turned my other lease in & wasn't sure what I wanted to buy so I started driving it.

I do so much work in the city & the streets here are horrible. I also have to do a lot of garage and on street parking so I've just kept driving it. It's got a nice electrical short & thinks the door is open so at night you get a different kind of ambient lighting

[BimmerDimmer6]

Originally Posted by rebekahb

Meet Red Rover. It's a 2003 Ford Explorer and I currently have 156,000 miles on it. My husband bought it for $2k for one of his workers last year but I turned my other lease in & wasn't sure what I wanted to buy so I started driving it.

I do so much work in the city & the streets here are horrible. I also have to do a lot of garage and on street parking so I've just kept driving it. It's got a nice electrical short & thinks the door is open so at night you get a different kind of ambient lighting

Looks good. Thinking about getting an eco boost mustang or something. I've always liked Fords.

Would consider a fusion also.

[rebekahb]

Originally Posted by BimmerDimmer6

Looks good. Thinking about getting an eco boost mustang or something. I've always liked Fords.

Would consider a fusion also.

The guy who owned it before lives a few houses down and is an aircraft mechanic so he was very meticulous with maintenance. The leather interior is immaculate. I wouldn't have bought it for myself but for $2k it was well worth it.

I had a Ford Fusion for a company car and I liked it. I wouldn't own one as my only car because it's not my style.

Having this has been nice because the X5 stays clean and doesn't get cluttered with my work shit even though it's all in bins. It's also not getting beat to shit & back.

In hindsight, I would have gone with less miles on my lease but I wasn't sure how long I was going to keep this.

[wrickem]

I've been working from home since Mid February and every morning after I shower I go for 20-25 mile commute - from my garage and back to my garage before I sit down to work for the day. I would miss driving and don't really want to spend an entire day never leaving my house.

I've been putting on miles, but not as many as I used to because there's really no place to go other than my "fake commute"

[nola2atx]

Originally Posted by wrickem

I've been working from home since Mid February and every morning after I shower I go for 20-25 mile commute - from my garage and back to my garage before I sit down to work for the day. I would miss driving and don't really want to spend an entire day never leaving my house.

I've been putting on miles, but not as many as I used to because there's really no place to go other than my "fake commute"

Lol this is hilarious and very interesting

[pz619]

Back when I was rocking the F30 I had a 15k/year lease. My work moved to a place closer to my house which meant when I gave the car back it basically only had 33K on it out of the 45k I paid for. They ended up lowering the cap cost of my next car by $300. Briefly thought about buying and reselling it, but this was during the days of very aggressive lease rates. I think my F30 was 62% residual for 15k miles. In the end, the car was still worth less on the open market than the buyout value.

As for the fake commute, I've been doing this too. I can't just sit around the house all day. I need a change of scenery to break apart the day.