Reducing Mileage Allowance Mid-Term on PCP Deal?

[M3Driver]

As per the title really... I bought a car on a 4-year PCP deal almost 2 years ago, at the time I had different circumstances and used my car a lot, so I opted for a 12000 per annum mileage figure, now the realistic figure is probably about 8000 to 9000 miles a year actual.

Is there any point in contacting the dealer / BMW finance and telling them this? Would it possibly reduce the monthly PCP payments at all?

Just wondered if anyone else has any experience of this before I go digging the paperwork out and wasting time on the phone etc.?! Thanks.

[anonymous-user]

I very much doubt there is any point in asking. A contract is a contract, and what would be in it for them?

The only positive, is that your car may be worth slightly more by the end of the deal, but with those sorts of mileages, it won't be much.

[M3Driver]

I'm not sure really. I see the point, but in my experience everywhere always finds a reason / excuse to give you an absolutely pi55 poor trade-in value no matter what the circumstances...

I just imagined that it probably won't have a bearing at the end of the PCP deal, so if it was likely to make any difference at all, it might be worth raising it now?

[gizlaroc]

I got a quote for me doing 10k miles pa, 15k and 20k miles pa.
The 20k mile per annum quote was £312 instead of £304.

It will make bugger all difference.

[timbo999]

I agree its not a lot, but it does have the potential to make the car more expensive over all...

If you reduce the annual mileage, the balloon payment will go up (and in consequence the monthly payment may go down) which means you will borrow more money over the term of the agreement and therefore pay more interest. So even though the monthly payment goes down, the total of all the payments plus the balloon may well go up to cover the extra interest.

If you're going to hand it back - ok (although that is often the worst thing to do as you lose any equity), but if you're going to pay the balloon or PX the car, it'll cost you slightly more.