What happens if I go over my mileage limit?

You will be charged a per-mile penalty for every mile over your allowance. This rate is spelled out in your lease contract and typically ranges from $0.15 to $0.30 per mile depending on the brand and vehicle class. On a 1,000-mile overage at $0.25 per mile, that is $250. On a 5,000-mile overage, it jumps to $1,250. If you are significantly over, it may be worth exploring a buyout or trade-in instead of paying the penalty.