Myths About Leasing - Part 5 of 5

Myth 5: Leasing is a mistake if you put high mileage on a car.

Do you believe that racking up high mileage on a car you own carries no cost? The difference is that when you buy, you realize the loss as a lower trade-in value. With a lease, you pay out of pocket when you turn in the car.

If you expect to drive more than the 12,000 to 15,000 miles per year built into a typical lease contract, negotiate a higher mileage limit. That's likely to cost less than 10 cents per mile per year -- a less painful prospect than paying a penalty of 15 cents or 25 cents per mile over the contract ceiling.