Lease or Buy 2016 Civic EX? My Job requires high mileage driving

[Buttagood4you]

Hey everybody, I've been lurking on this website since July 2015 and was looking to buy a new car. At the time I wanted to get a 2015 EX Civic. However, when I heard the 2016's were coming out in the Fall, I fell in love with the style and design of the car.

My job consists of driving around the Bay Area and in a week I drive almost 250-300 miles a week! In a year I would accumulate 14-15k worth of work miles and that doesn't involve personal use.

Would leasing or Financing have any benefit to what I do? I really want this car so badly but it's really my job that stops me from getting it because of how many miles I'd be putting on it. And I don't really want that because I want to be able to maximize the longetivity (Miles wise) I can put into this car. Last thing I want is to have 100k in about 3-4 years.


Would Leasing be beneficial for me or financing?

Thanks in advance.

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[schen72]

Leasing would severely penalize you if you go over the mileage limit so if you're also going to put on personal miles, it seems leasing is not for you. Unless you strictly keep this car as a business car and write off the lease cost on your taxes.

 

[Buttagood4you]

Leasing would severely penalize you if you go over the mileage limit so if you're also going to put on personal miles, it seems leasing is not for you. Unless you strictly keep this car as a business car and write off the lease cost on your taxes.

It would be hard to keep it as a business car because i'd probably sell off my old car and only be left with that one. I think in that regards, I might as well finance the vehicle.

 

[GoPackGo]

Sometimes you can pre-buy miles at a discount to what you would pay if you are over. And sometimes a dealer will waive the over miles fee if you lease another vehicle from him (I had that happen once). But I'm sure it depends how many miles you are over. I think I was about 3,500 over on that lease.

 

[Buttagood4you]

Sometimes you can pre-buy miles at a discount to what you would pay if you are over. And sometimes a dealer will waive the over miles fee if you lease another vehicle from him (I had that happen once). But I'm sure it depends how many miles you are over. I think I was about 3,500 over on that lease.

I think imo, that seems more of a hassle then financing it alone. I think i'm going to finance it when the time comes.

 

[josby]

Turning a leased car in at the end of the lease is the most convenient, but not the most financially sound, course of action. If you buy out the car at the end of your lease instead and then sell it to a private party, you don't have to worry about paying any mileage penalty. Of course, there's no avoiding the reality that high mileage reduces value, so you'll get less for the car, but that's no different than if you'd financed the car.

 

[jk147]

Say if they charge you .15 per extra mile and you are racking up 20k miles a year. 12k mile a year lease so you are looking at extra 24000 miles. 3600 extra.

Finance.

 

[jeff925]

You only have to pay the mileage penalty if you turn in the car. If you decide to purchase the car at lease end or roll into a new lease, the mileage does not come into play. At least that's how it was was explained to me.

 

[Legion]

I think imo, that seems more of a hassle then financing it alone. I think i'm going to finance it when the time comes.

Finance. I had to pay 2400$ for over extra miles at the end of my lease. Not fun.

 

[benjaminh]

Buy.

 

[mno86]

I have always financed my new cars, but I leased my 2016 Touring. I tend to trade my cars in every three years, though I could see myself sticking with this car.

I was highly concerned about mileage, as I definitely drive over 12,000 a year...typically around 14,000 or so. I leased with a 15K miles/year term. I chose not to buy any extra miles.

The dealership assured me that if I was over my mileage at the end of the lease, they tend to look the other way as long as I lease another car with them. I could also buy the car outright (and if I don't want it, sell it for more than the residual and get another car). The only time they ever penalize you (or so they say), is if you turn the car in and walk away.

In your instance, my advice would be to finance. It's not worth counting every mile worrying about going over instead of enjoying the car.

 

[Buttagood4you]

I have always financed my new cars, but I leased my 2016 Touring. I tend to trade my cars in every three years, though I could see myself sticking with this car.

I was highly concerned about mileage, as I definitely drive over 12,000 a year...typically around 14,000 or so. I leased with a 15K miles/year term. I chose not to buy any extra miles.

The dealership assured me that if I was over my mileage at the end of the lease, they tend to look the other way as long as I lease another car with them. I could also buy the car outright (and if I don't want it, sell it for more than the residual and get another car). The only time they ever penalize you (or so they say), is if you turn the car in and walk away.

In your instance, my advice would be to finance. It's not worth counting every mile worrying about going over instead of enjoying the car.

Thanks for the input, I don't think leasing will be ideal for me. I'll most likely be financing in the summer (4th of July) when I have enough money saved up and hopefully i'll be able to get a great deal on an EX

 

[mno86]

Thanks for the input, I don't think leasing will be ideal for me. I'll most likely be financing in the summer (4th of July) when I have enough money saved up and hopefully i'll be able to get a great deal on an EX

Take a look at TrueCar.com. It'll show you how much Civic are selling for in your area so you know about how much to pay.

 

[Buttagood4you]

Take a look at TrueCar.com. It'll show you how much Civic are selling for in your area so you know about how much to pay.

i've been looking at it frequently and forsure the price has gone down. Right now its at 20,635. So about $1,240 off MSRP which isn't bad. I'm hoping I can get an OTD pricing around 20g when that time comes.

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