If I do a lot of miles should I lease?

One of the biggest myths about leasing is that if you do a lot of miles you shouldn’t lease. First of all, people who do a lot of miles should get out of their vehicle more often and since leasing is generally shorter term than financing you can do just that. Having said that, everyone worries about the cost for excess miles that is charged at the end of the lease. The reality is that you pay for miles if you lease, finance or buy outright and you pay for it in the same way, increased depreciation. Consider a bread and butter car like a Toyota Camry LE which has one of the lowest depreciation rates of any vehicle. If you go to Edmunds.Com and look at “True Cost To Own” you will see that over a 5 year term, the average depreciation per mile is a little over $,16 per mile. Over a 3 year terms it is almost $.20 per mile. If you had leased that same vehicle, your cost for excess mileage is $.15 per mile. It is far more cost effective to lease if you do a lot of miles,