PCP - Increased mileage

leehal

I bought a car through VW finance on a mileage of 7,000 per year.

I have since changed jobs and expect to do around 12,000 per year. The excess is around 7 pence per mile if I keep my car for the full term of my PCP. In the past I have always changed my car before the end of the agreement.

Would it be an option to contact VW and ask for a revised monthly payment plan based on the increased mileage, or should I say nothing and expect to keep my car longer before I achieve at least break even (I assume this will take longer than normal as my repayments will not reflect the true value of the car due to the increased mileage).

Hope the above makes sense!

da_rule

You can amend the milage (at a cost).

https://www.vwfinance.co.uk/content/sites/vwbank/vwfinancecouk/en/privatecustomers/manage_agreement/request_changes/amending_your_mileage.html

motorguy

leehal wrote: »

I bought a car through VW finance on a mileage of 7,000 per year.

I have since changed jobs and expect to do around 12,000 per year. The excess is around 7 pence per mile if I keep my car for the full term of my PCP. In the past I have always changed my car before the end of the agreement.

Would it be an option to contact VW and ask for a revised monthly payment plan based on the increased mileage, or should I say nothing and expect to keep my car longer before I achieve at least break even (I assume this will take longer than normal as my repayments will not reflect the true value of the car due to the increased mileage).

Hope the above makes sense!

If you otherwise change your car before the end of the agreement, either by trading in or by selling privately, then there is no need to get a revised payment amount, as you'll never be handing the car back to invoke the charges.

Also, realistically, a car dealer rarely "adds on" value for a below miles car so they'll be valuing it as per a 12K mile per annum car anyway, even if you were doing less.

If you think you may want to hand the car back, an extra 5K miles per year would cost you £350 per year, so simply set aside an extra £30 a month into a savings account for the remainder of the term.