If you exceed the mileage allowance agreed on at the start of the lease, you will be subject to additional charges which are calculated on a pence-per-mile basis. These charges are meant to compensate the leasing company for the extra wear and tear on the vehicle and the reduced resale value due to the higher mileage. To avoid excess mileage charges, it’s important to estimate your anticipated mileage accurately at the start of the lease, and if you find that you might exceed the mileage allowance it is worth negotiating a higher limit upfront. Some finance providers may allow the option to adjust your mileage allowance during the contract, but it is worth finding out if this is possible in the initial contract stages. For the most accurate and up-to-date information and advice on mileage allowances, get in touch
with a member of our team.