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Don't they hit you with a pretty hefty penalty?
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Each company is different. It's between 15-30 cents per mile over.
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Originally Posted by Kracka
If you're going to lease route now check out the deals Chevy is offering on the Volt. I've seen leases for as low as $250/month on that thing. I would definitely rock something like that as a daily due to the huge gas savings. Figure on average the Volt can go about 40 miles on electric, that should take care of most roundtrip commutes which means for regular daily use you'd barely be using any gas, if any.
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It's misleading advertising. This is only a good deal if you have absolutely zero intentions of buying the car at the end of the lease. We do this crap too. You can lease an Evo for 259 a month right now. Fine print, its a 24 month, 24,000 lease, requires like 3000 down, plus tax title and licence. So, like $5000 cash down.
It's a great deal if you're like my dad who would always lease cars, and always expected to have a car payment. But it requires a lot of money down, on a short lease. Chevy wants like $2800 down + TTL for a 24/24 lease. This means you're putting nearly $5000 on a 2 year lease where you're only eating up 25% of the value of the car, leaving you with like 70-75% left to finance if you go to buy it. So not only are you not getting a subsidized rate, you're financing 3/4 as much, and you already put 5000 on that lease.
I figure 250/m for 24 months is $6,000 + they want $2800 down. So 8,800 of total principal payments. That's based on a car that MSRPs for nearly 40k. Look how much is going to be left at the end of 2 years. Like I said, we do that same crap on Evos, but it's not a good deal unless you truly just wanna lease it for 2 years and get something else.
If you plan to buy out a lease DON'T PUT huge chunks of money down on the lease!