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  • FIRST POST
    • Olivia Leach
    • By Olivia Leach 8th Feb 18, 10:29 PM
    • 1Posts
    • 0Thanks
    Olivia Leach
    Help/advice needed on my PCP excess mileage!!
    • #1
    • 8th Feb 18, 10:29 PM
    Help/advice needed on my PCP excess mileage!! 8th Feb 18 at 10:29 PM
    I am currently just over a year into my pcp finance agreement on my Audi A1, when I first took out the agreement last January I was in a different job and only doing around 5-6 miles a day so only put down 5000 annual mileage, I now have a new job and have been doing around 40 miles a day since July last year so my mileage has significantly increased and it only just occurred to me to looks through my agreement documents to now see that Iím only around 10-15k off my mileage limit with another 3 years left of my pcp and a 7.2 per mile excess mileage charge, which Iíll let you do the maths on how much I will be charged come handing back day.

    What is your advice on how I should approach this, do I call them and see if I can up the mileage? Would this significantly increase my monthly repayments? If so I have had my eye on the Q3 which now being in new employment I can afford to pay so would prefer to pay higher monthlyís for a better car than keep the A1 with higher monthly payments from the excess mileage, would this be an option for the dealer?

    Long winded I know but any help would be very appreciated!
Page 1
    • daveyjp
    • By daveyjp 9th Feb 18, 7:13 AM
    • 7,420 Posts
    • 5,900 Thanks
    daveyjp
    • #2
    • 9th Feb 18, 7:13 AM
    • #2
    • 9th Feb 18, 7:13 AM
    Start saving the extra you want to spend on a new car so in a few years you are in a position to pay the termination fees, or even buy the car at the end of the term

    Changing cars will not be cheap and using spare cash to simply spend more on a car isnt very MSE.
    • rs65
    • By rs65 9th Feb 18, 7:22 AM
    • 5,343 Posts
    • 2,543 Thanks
    rs65
    • #3
    • 9th Feb 18, 7:22 AM
    • #3
    • 9th Feb 18, 7:22 AM
    You can phone them and increase your mileage. It will increase your payments.

    You can trade it in for a new car anytime.
    • neilmcl
    • By neilmcl 9th Feb 18, 10:14 AM
    • 10,816 Posts
    • 7,661 Thanks
    neilmcl
    • #4
    • 9th Feb 18, 10:14 AM
    • #4
    • 9th Feb 18, 10:14 AM
    You can phone them and increase your mileage. It will may increase your payments.

    You can trade it in for a new car anytime.
    Originally posted by rs65
    Corrected that. Whilst an increase in payments is likely it's not always inevitable.
    • Bigphil1474
    • By Bigphil1474 9th Feb 18, 1:30 PM
    • 805 Posts
    • 340 Thanks
    Bigphil1474
    • #5
    • 9th Feb 18, 1:30 PM
    • #5
    • 9th Feb 18, 1:30 PM
    Based on half a year at 1.5k miles a year (Jan to July 2017), and 3.5 years at 10k miles a year (40 miles a day Mon-Fri). Actual mileage would be 0.75k + 35k = 35.75k miles. Difference (against agreed 5k a year) - 15.75k miles at 7.2p per mile = £1,134. If you amend your mileage allowance to 11k a year for the remaining 3 years, and it costs less than £31.50 a month, then that saves you money against the excess mile charge. Other costs/charges may vary.
    • Lucky Duck
    • By Lucky Duck 9th Feb 18, 2:09 PM
    • 163 Posts
    • 89 Thanks
    Lucky Duck
    • #6
    • 9th Feb 18, 2:09 PM
    • #6
    • 9th Feb 18, 2:09 PM
    You can phone them and increase your mileage. It will increase your payments.
    Originally posted by rs65
    You can do this online these days.
    • Nasqueron
    • By Nasqueron 9th Feb 18, 11:10 PM
    • 4,262 Posts
    • 2,491 Thanks
    Nasqueron
    • #7
    • 9th Feb 18, 11:10 PM
    • #7
    • 9th Feb 18, 11:10 PM
    I am currently just over a year into my pcp finance agreement on my Audi A1, when I first took out the agreement last January I was in a different job and only doing around 5-6 miles a day so only put down 5000 annual mileage, I now have a new job and have been doing around 40 miles a day since July last year so my mileage has significantly increased and it only just occurred to me to looks through my agreement documents to now see that Iím only around 10-15k off my mileage limit with another 3 years left of my pcp and a 7.2 per mile excess mileage charge, which Iíll let you do the maths on how much I will be charged come handing back day.

    What is your advice on how I should approach this, do I call them and see if I can up the mileage? Would this significantly increase my monthly repayments? If so I have had my eye on the Q3 which now being in new employment I can afford to pay so would prefer to pay higher monthlyís for a better car than keep the A1 with higher monthly payments from the excess mileage, would this be an option for the dealer?

    Long winded I know but any help would be very appreciated!
    Originally posted by Olivia Leach
    You only pay excess mileage charges if you hand the car back as the agreed value at the start is based on your mileage. It's not very MSE to keep buying a new car every 3 years as it's money down the drain. Do you NEED the Q3 vs the A1? Can you afford it (given presumably different MPG, higher insurance especially if using it for commuting not just SDP etc). Spending 36-42 months paying for a car then committing to spending about 36-42 months of paying for a car is a massive waste of money especially if paying interest. Why not just keep the car and save up for a new one when you need it, rather than want it
    • daveyjp
    • By daveyjp 10th Feb 18, 8:08 AM
    • 7,420 Posts
    • 5,900 Thanks
    daveyjp
    • #8
    • 10th Feb 18, 8:08 AM
    • #8
    • 10th Feb 18, 8:08 AM
    Also OP check the mileage limit on your insurance and increase if necessary.
    • loskie
    • By loskie 10th Feb 18, 9:41 AM
    • 1,250 Posts
    • 750 Thanks
    loskie
    • #9
    • 10th Feb 18, 9:41 AM
    • #9
    • 10th Feb 18, 9:41 AM
    Are you in a position where you have the cash or can take out a loan cheaper than your finance and buy the car outright? Settle the finance. You will save the worry of the xs mileage, condition at handback, dealer interest rates and the car is yours to do as you please. Any benefits you had like "free" service pack will remain.
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