Pcp mileage

gwhyte15

I entered into a pcp agreement 2.5 years ago and my agreement is for 4 years based on 20,000 miles per year, I am only foing 14,000 per year, is it possible too reduce my mileage in turn reducing my outlay?

Grumpy_chap

Probably not.  What does the agreement say?

Goudy

It's unlikely now, but you could end up with a car that's worth more than the GFV at the end term.
The GFV would have been worked out on 80k but now at the end it will be 56k, that's a fair chunk of miles.

If you traded the car in or paid the GFV and sold it, you could recoup some or all of the excess outlay you paid on the 20,000 contract. 

If you just handed it back to the finance house at the end of the contract you'd obviously lose out.

If you paid the GFV and kept it, it wouldn't make any difference, except you own a car with 56k rather than 80k miles as which ever way you worked the contract, you'd have paid the total price of the car (plus interest).

AdrianC

Speak to the financier. They may well be happy to rejig the monthlies to take account of the changed mileage.