contracted PCP annual mileage

sukigsxs

HI EVERYONE, CAN ANYBODY GIVE ME ANY INFO I HAVE JUST GOT A MOTORCYCLE ON PCP AND THE YEARLY MILEAGE IS 3000 WHICH I THOUGHT I WON'T DO THAT, YET I'VE ONLY HAD IT 3 WEEKS AND IT'S ALREADY AT 600 MILES SO I THINK THE 3000 IS GOING TO BE A PROBLEM AND DON'T KNOW WHAT TO DO  I FEEL LIKE I'VE MADE A BIG MISTAKE BUYING THE BIKE. SO I THOUGHT I'D ASK EVERYONE'S ADVICE. THANK YOU 

AdrianC

You've got two options...

1. Talk to the financier, and get the contracted mileage increased. The balloon will decrease, and the monthlies will go up, because the expected depreciation will increase.

2. Shrug, and just be prepared to pay the excess mileage at the end of the term.

ToxicWomble

3. Don’t worry about it - enjoy the lower monthly payments and  pay the balloon at the end and keep the bike

Please turn caps lock off as well - it makes the post very difficult to read

born_again

Well given winter is  coming. You will not be going out in the cold & wet. So it will balance itself out

facade

4. Don't worry about it, assuming you did the maths before and 3000 is enough, likely the novelty of a new 'bike is racking up the miles. When the novelty wears off you might find your mileage drops to what you expected.

MEM62

Firstly, if your bike is on PCP you haven't bought it - you're renting it.  Secondly, as others have mentioned you cannot judge your annual mileage based on three weeks use.  Unless, of course,  you have used it exclusively for journeys that you have had to make and will consistently be making over the period of your PCP agreement.  Chill, take another look at where you are in two or three months time and re-assess.  As advised, you can either try to re-negotiate the mileage with the finance company or just pay the balloon payment at the end and keep the bike. 

Personally, I am not a fan of PCP and wouldn't be surprised of the salesman deliberately kept the mileage low on the agreement so that the payments were more attractive to you.  What bike is it?     
       

JamoLew

MEM62 said:

Personally, I am not a fan of PCP and wouldn't be surprised of the salesman deliberately kept the mileage low on the agreement so that the payments were more attractive to you.  What bike is it?     
       

Agree with this 100% 
Probably a Suzuki GSX-S judging by the username (could be wrong though)

AdrianC

MEM62 said:

...wouldn't be surprised of the salesman deliberately kept the mileage low on the agreement so that the payments were more attractive to you. 

Doesn't everybody read the contract before they sign it...? So that's not going to work, is it?

The OP sounds fairly clear that they were well aware of it being 3k/yr.

onlyfoolsandparking

Are you commuting? If yes 3k mileage might be a problem, if no, no problem.

AdrianC

onlyfoolsandparking said:

Are you commuting? If yes 3k mileage might be a problem, if no, no problem.

One good continental holiday...

MEM62

AdrianC said:

MEM62 said:

...wouldn't be surprised of the salesman deliberately kept the mileage low on the agreement so that the payments were more attractive to you. 

Doesn't everybody read the contract before they sign it...? So that's not going to work, is it?

The OP sounds fairly clear that they were well aware of it being 3k/yr.

Errrr........ No, they don't. As evidenced by many posts on this site. 
In this case there is no reason to assume that the OP didn't read the contract.  However there are headlines and there is the mundane.  Many, walking into a dealers with shiny bike syndrome, will focus much more on the ''look!, you have this highly desirable motorcycle for only £xx per month'' than they will to the ''Oh, by the way, you can only ride it for 3,000 miles a year and we penalise you for each and every scratch and stone chip when you bring it back''.