How to use the lease mileage overage calculator
- Enter the miles allowed per year and the lease term in months, both from your lease contract.
- Enter the miles driven. For a lease that has ended, use the final odometer reading minus the starting one. For one still running, enter your best estimate for the end of the term.
- Enter the fee per extra mile from your lease. The value on the form is an example.
- Open the advanced options if your lease excuses a number of miles over the limit, or if you have a quote for buying extra miles up front.
Formula
Allowed miles = miles per year x term in months / 12
Charged miles = max(0, miles driven - allowed miles - miles not charged)
Overage fee = charged miles x fee per mile
The allowance is spread evenly over the term. Your contract decides how the fee is actually assessed, so use this as an estimate.
A 36 month lease at 12,000 miles a year
The lease allows 12,000 miles a year for 36 months, so 12,000 x 36 / 12 = 36,000 miles. You drove 39,000 miles. That is 3,000 miles over. At $0.25 per mile the fee is 3,000 x $0.25 = $750.00.
If your lease excused the first 500 miles over the limit, the charged miles would be 2,500 and the fee $625.00. If you could buy the extra miles up front at $0.15 each, 2,500 miles would cost $375.00, which is $250.00 less than the end of lease fee.
Where the fee rate comes from
The per mile fee is written into your lease agreement. The amount on this form is an example, and it is not a rate that applies to every lease. Look for the excess mileage clause in your contract and enter that number.
Some lessors allow you to buy extra miles in advance, at a price per mile that may differ from the end of lease fee. The advanced field lets you compare that quote with the fee you would otherwise pay.
Checking your pace during the lease
The result also shows the average miles per month you have driven and the average per month the lease allows. If the first is higher than the second, you are heading for an overage. Dividing the miles you have left by the months left gives the pace needed to stay under.
For other costs of leasing a car, the car lease calculator estimates the payment, and the lease vs buy car calculator compares leasing with buying.
Assumptions and limits
- Allowed miles are prorated evenly across the term.
- The fee per mile and any miles not charged are the numbers you enter from your own contract.
- Wear and tear, disposition fees and early termination charges are not included.
- The tool does not know of any mid-lease changes to your allowance.
Frequently asked questions
How do I calculate lease mileage overage?
Multiply the miles allowed per year by the number of years in the lease, subtract that from the miles driven, and multiply what is left by the fee per mile. 3,000 extra miles at $0.25 is $750.
What if my lease term is not a whole number of years?
The tool prorates the allowance by months, so a 30 month lease at 12,000 miles a year allows 30,000 miles.
Is the $0.25 per mile fee the same for every lease?
No. The fee is set in each contract and can be higher or lower. The value in the form is only an example, so replace it with the number in your lease.
Can I avoid the fee by buying miles in advance?
Some leases offer extra miles at a set price before the lease ends. If your quote is lower than the end of lease fee, the advanced field shows how much you would save.