Finance Question

[Lawrence Edwards]

Hi Probably a stupid Question but I have my DS3 on PCP, and I was wondering if you can up the annual mileage allowance, as I have almost driven my whole years mileage in 3.5 months, any answers? kinda need to know if I need to stop driving it???

[x6411]

When we had our old car (Peugeot) we were in a similar situation.. we called Peugeot who told us to call the finance company, we asked how much it would be to increase the mileage from 6k to 10k, they said because the residual value of the car had increased they would do it for free, we were cheeky and asked for 12k and they did that for us

[Lawrence Edwards]

Thank you for the reply, I will phone Citroen Tomorrow and find out.

Many Thanks

[Bigfeet]

Hi Probably a stupid Question but I have my DS3 on PCP, and I was wondering if you can up the annual mileage allowance, as I have almost driven my whole years mileage in 3.5 months, any answers? kinda need to know if I need to stop driving it???

Let me guess.... you're dealer set the mileage to a stupid low level to make the payments cheaper and told you not to worry about it...... :rolleyes:

[NGM]

Isn't it the case that this would only cause problems for the OP is he handed the car back and walked away at the end of the deal?

[Bigfeet]

^ Not true, the GFV is worked out based on the mileage at the end as well. The GFV are normally worked pretty tight and if the OP goes over the mileage allowance like crazy he is going to have a car that is worth much less than the GFV and put him into negative equity.

[NGM]

Ah ok. The only time I looked into a PCP scheme the salesman assured me as long as I was getting another car the mileage didn't matter.

[Bigfeet]

I hear this line all the time, think of PCP as a set of scales - you need to balance the deposit and the mileage correctly in order to make them work well, too much or too less will cause issues.

I always suggest to my customers that you put in no more than 10% as it is unlikely that you will ever draw any more than this figure back out of the car, also the mileage needs to be right as well, far better to have too much then not enough. For customer who state they do only 10,000 a year I would put them onto 12,000 for a PCP, the difference normally only adds to a couple of pounds extra per month.

[icewolf]

Just curious as my car is via a scheme that is done differently but isn't there just a price per mile extra for exceeded mileage after the finance deal is complete?

Doing a years mileage in 3.5 months is quite a lot extra, don't dealers ask for a realistic current driving schedule to estimate a realistic amount?

I have 10000 a year but to go to 12000 it was about an extra £5 or something a month but it is still significantly less that paying for the extra miles at the end (10p a mile plus VAT)

[Lawrence Edwards]

Thanks for the replies, I didn't think I would drive my car as much as I am, and I haven't hit my limit yet and I do still have enough miles left to cover getting to and from work for the next 8.5 months but I want some more " pleasure" miles, if you know what I mean.