Low mileage is when you lease a car and you agree to a low mileage limit in return for a lower monthly payment.
When you take out a lease, you need to give a mileage limit that you agree to before you sign the lease. If the situation arises where you go over the limit, you will probably be asked to pay an additional fee.
It might seem a little unfair but there is a very good reason for it.
Car leasing really works because you are only paying for the depreciation of the car. That’s what drives the prices down and makes it the go-to option if you’re on a budget. Especially with our zero deposit deals.
So, the finance company knows the price of the car to buy. They then estimate the price of the car to sell once the lease period has finished. This gives them the amount the car will have depreciated in value over the lease.
A major component of calculating the value of the car when it comes to it being sold, once the lease is finished, is having an idea how many miles it will have been driven. The more mileage a car has, the lower the value. This is why the finance company ask you to estimate a limit. Not because they want to catch you out, they just need to have an idea on what the car’s value will be.
If you happen to drive a car less often or you just want it for short trips, to the school of supermarket and back, leasing is great for you. You can get a low mileage lease which means you limit yourself to 8000 miles a year.
Because you’ve agreed to the limit, you’ll get the best leasing price. Especially if you choose a car that doesn’t depreciate in value as much as others. This is where you’ll find the best deals. Car leasing isn’t standardized - it allows you to find the right car and the best deal for you. For any further information, please get in touch with us we’ll help to ensure you get the best deal possible. After all, why pay for something you don’t plan to use?
For more information about low mileage car leasing, give us a call and we’d be glad to help.
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Yes Lease Ltd
The Phoenix Works
Unit 6B 500-510 King Street
Stoke On Trent
Yes Lease Ltd are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : FRN 724212
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Registered Office : The Phoenix Works, 500-510 King Street, Longton, Stoke On Trent, ST3 1EZ
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