This lease mileage calculator estimates the penalty you'll pay for exceeding the mileage on your lease. With its help, you will be able to establish how many miles on a lease you have left, and forecast the total fee.
Read on to learn more about our lease mileage tracker, or take a look at the car depreciation calculator!
The lease mileage overage is the number of miles by which you exceeded your allowance. For example, if your lease allowed you to drive 10 000 miles a year, and you ended up driving 11 000 miles, the overage is
11 000 - 10 000 = 1 000 miles.
If you want to calculate the overage with our lease mileage calculator, input the following values:
Total lease term (T): the time of the lease - for example, 24 months.
Remaining lease time (t): when your lease will end - for example, in 6 months.
Current miles driven (s): how many miles you have driven with this car until now - for example, 15 000 miles.
Annual mileage allowance (A): how many miles on a lease you can drive without incurring additional fees. It could be equal to 8 000 miles.
Excess distance fee: the charge per mile of excess mileage. Our lease mileage overage calculator will use it to determine your penalty. A typical cost is 20 cents on a mile.
Once you have provided all of these values, our lease mileage calculator will automatically find:
excess miles = s + [s * t / (T - t)] - (A * T / 12)
For example, for T = 24 months, t = 6 months, s = 15 000 miles and A = 8 000 miles,
excess miles = 15 000 + [15 000 * 6 / (24 - 6)] - (8 000 * 24 / 12)
excess miles = 4 000
For 4 000 excess miles at the cost of 20 cents per mile,
charge = $0.20 * 4 000 = $800
For the charge of $800, you need to be saving
$800 / 6 = $133.33 every month for the remaining 6 months.