when is break-even to renew car hire

knightv

when is the optimal time to renew car hire? I have petrol car hire for 4 years, but used only 15000 miles. I need to either return the car by end of the year, or buy out the reminder of the value. My thoughts are to buy all-electric car.  Is this good time point or considering low mileage is it better to keep it 1 or 2 more years?

AdrianC

I presume this is a PCP?

You have a straight choice. Hand it back or pay the balloon and keep it. You cannot extend the finance.

A brand new car for <4k/year is utterly ridiculous.

Indout96

As you say HIRE car is the car PCH (rather than PCP) if so you cannot buy it and it just gets returned, there is no option to buy

Mercdriver

I suspect it is another case of mistaking PCP for PCH.  Incidentally some providers do allow the option to buy the rented car in a PCH.  There is even a thread about it on the front page of this section

knightv

Thanks. My dilemma was petrol car value if I keep it vs buying an electric . Also despite low mileage it’s still four years old. 

knightv

By “renewing car hire” I meant when is the best time to return the car and make new PCP? I presume no ownership as best model.

born_again

knightv said:

Thanks. My dilemma was petrol car value if I keep it vs buying an electric . Also despite low mileage it’s still four years old. 

If you are looking at a new EV, then research the timescales on getting a new one. Many are talking several months or more. 

Grumpy_chap

Given your car is still new and at such a low mileage, paying the balloon payment and keeping the car may be the best.  Difficult to give strong advice as we cannot see all the figures.  I certainly would not be paying another finance package for another new car if I did such a low mileage.