Customers who are interested in the product should take cautions.
To attract customers, more automakers are embracing the low-mileage leasing craze. This is because the coronavirus has reduced our driving time. Mazda, BMW, are two of the newest car brands that offer a lower-than-standard mileage allowance per annum in return for cheaper rates.
CarsDirect reports that Japan’s automaker has reduced its annual mileage allowance to 12,000 miles from this week. For a 36-month lease, the 2021 Mazda CX-30 will reportedly receive a $6 price reduction. According to CarsDirect, the CX-9 Signature trim shows the largest price drop, with a $14 price reduction per month. BMW on the other side, reduces the low-mileage lease program to 7,500 miles per annum. The result is a $20 per month price drop for a 36-month lease. This is a huge saving. However, the offer is only available to California residents.
Note that Lexus and Lincoln have both launched low-mileage leasing programs – up to 5k miles per year. CarsDirect reports.
These low-mileage leases sound appealing, especially when you consider how much time we spend driving right now. However, the three year commitment should still be considered. We will never know what the future holds. The low mileage allowance could prove to be a disadvantage if the situation improves next year and we have more time on our roads.
Mazda charges a $0.15/mile penalty for exceeding the mileage allowance. This could add $300 to your cost for 2,000 miles. BMW has a $0.25 per-mile penalty. These are important points to remember before you sign the contract.