Lease car excess mileage

[ParAdine]

Hi

I currently lease a car through a salary sacrifice scheme with my employer. I have been in the scheme for just about one year. My circumstances have changed over the last year meeting that I am doing quite a few more miles than I was when I signed up. I agreed to Anne annual limit of 10,000 miles and the price I pay was based on that.

I have gone quite a bit over the 10,000 miles in my first year, and I am concerned that at this rate I will be left to pay a fairly hefty lump sum at the end of my lease agreement in 2027. The charge for access mileage is 44p per mile

I have spoken to the leasing company and they have said that they are able to re-calculate my monthly price based on my increase mileage. This would prevent me from having to pay a lump sum at the end of the agreement. I have read online this looks as though it would be the most cost-effective route forward.

Does anyone else with the lease car have any experience of this s?Has anyone else changed their mileage during the course of their lease term? If so, was there a significant difference in the price you were paying before, compared to the new increased price.

We didn’t have to pay excess mileage because we changed it for another car. They just waived it.

(this was this week!)

How much it will increase the price depends on how much you want to increase the mileage by, so increasing to 12k will be cheaper than increasing to 20k. It is usually much cheaper to increase mileage in advance than it is to pay for excess mileage at the end though.

44p per mile? What car are you leasing? Mine is 5p per mile over my limit so 44p seems very high!!

As above I went over by about 6k miles on my last car but was swapping for a newer one at the same dealership and they never even charged me extra on the deal

You definitely don't plan to pay it off and keep it?

We changed our mileage on a lease car but massively decreased it not increased - was during lockdown and DHs mileage dropped from 40,000 pa to about 15,000. Our monthly payment dropped quite considerably. You just need to ask, they'll give you a quote. It will almost certainly be cheaper than paying the excess though.