Understanding Auto Lease Mileage Limits and Excess Wear Charges in the US
When leasing a vehicle in the United States, it is crucial to understand the terms and conditions of the lease agreement, especially when it comes to mileage limits and excess wear charges. These two factors can have a significant impact on the overall cost of the lease and should not be overlooked by lessees.
Mileage Limits
One of the key aspects of an auto lease is the mileage limit imposed by the leasing company. This limit specifies the maximum number of miles the lessee can drive the vehicle during the lease term without incurring additional charges. The standard mileage limit is typically around 12,000 to 15,000 miles per year, but this can vary depending on the leasing company and the terms of the lease agreement.
Exceeding the mileage limit can result in costly penalties, often charged on a per-mile basis. These charges can add up quickly, making it essential for …
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