Increasing mileage on PCP

[SaintMac]

My circumstances have changed and I contacted Seat Finance today to try and increase my mileage, to be told I couldn't. Has anyone had experience of this. I have had PCPs with other manufactures and have been able to increase the mileage.

 

[Dan_FR_DSG]

Just try to put a bit of extra money aside each month to cover any shortfall from the increase in mileage.


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[TMO]

I am in the same situation my PCP deal is based on 10k a year but the car has just hit 2 years old and I've done 25k I didn't know you could change the mileage on the finance deal but imo its unnecessary.

On a PCP deal there will usually be 2 consequences:
1. As one of the options of PCP you can simply just hand back the car, if you have gone over your agreed mileage you will be charged the excess mileage charge usually billed as pence per mile, this will be listed on your finance contract. The only situation where this should be invoked is where the car has depreciated a lot more then originally estimated when the contract was written (very rare from what I have seen).
2. If you are planning on part exchanging the car for a new one you may find that the value of the car has overtaken the estimated residual value leaving you in negative equity. Effectively you have to pay the dealer to take the car off you. Since most PCP deals are designed to leave you with positive equity at the end of the deal depending on how much you have gone over your mileage you make find you are ok, brake even in the worst case.

Either way as dan said, you are probably best to start saving just in case you end up in negative equity or hand back the car with excess mileage.

 

[Jarre]

Unless you're going to hand the car back you're wasting your time doing that.

If you traded the car in (with any garage) or bought it at the end of your term you don't pay fees. You only pay fees if you took it back to SEAT, handed them the keys and then left with no vehicle.

There's a few reasons you won't/shouldn't do that. 1 - I'd assume you will need a car when your current one goes. 2 - any equity you have built up in your car you will lose.


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[kazand]

Unless you're going to hand the car back you're wasting your time doing that.

If you traded the car in (with any garage) or bought it at the end of your term you don't pay fees. You only pay fees if you took it back to SEAT, handed them the keys and then left with no vehicle.

There's a few reasons you won't/shouldn't do that. 1 - I'd assume you will need a car when your current one goes. 2 - any equity you have built up in your car you will lose.


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We handed back the previous 280 at 19 months old with 26k on clock, ( on a pcp) as we hadn't put much deposit down (£1000 iirc, its 'her' car) we 'owed' Seat £1200, but as we were going for a 290 on a 24 month lease we did a deal that left us very happy and with a brand new car after a two week wait

 

[matthab]

I bought my Cupra with 10k P/A and have under estimated how much I enjoy driving it. Probably doing about 12k P/A even though my daily commute is 2miles .

I intend to swap it and go again after anyway.

 

[Jarre]

I'll probably end up doing 15k a year but put 8k on my PCP. Would've put 5k down but the payments weren't any cheaper.


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