Overpaying on PCP as mileage has not been as predicted

jonnybiscuit

Greetings - When I took out my PCP agreement in Jan 20, on a used vehicle, my predicted mileage was 25,000 a year. Last year I did about 4000. This year I'm likely to do more, but much less than 25,000 per annum. I'm therefore massively overpaying on my PCP and having spoken with the finance company I've been told there is nothing I can do.

Any one any advice?

Thanks

Grumpy_chap

Duplicate thread here:
https://forums.moneysavingexpert.com/discussion/6293735/overpaying-on-pcp-as-mileage-has-not-been-as-predicted#latest

aoleks

Just keep paying, you’ll have a massive amount of equity at the end of the contract or NOW, if you want to get rid of it. Car prices are thrpugh the roof, even selling to webuyanycar is likely
to result in a profit (that’s IF you negotiated a discount, never buy a car at list price).

macman

You are not overpaying on your PCP: you are paying what you contracted to. You are 'under-mileaging'. Presumably due to lockdown, but that doesn't void the 25K mileage you contracted to.
You can ask if they will renegotiate it, down but I'd put your chances at near-zero.

Thrugelmir

Buy the vehicle by making the balloon payment at the end of the contract. 

bris

Don't get too excited, the mileage difference doesn't amount to as much as you think when selling.

Thrugelmir

bris said:

Don't get too excited, the mileage difference doesn't amount to as much as you think when selling.

Second hand car values are firming up due to constraints with the supply of new vehicles.