What to do - high mileage PCP
Discussion
2 years ago took out a PCP on a Golf R Wagon, best car I've owned, really loving it. Job at the time was office based, 1 day a week in Norwich and airport trips, so the 10,000 mile p/a was totally reasonable.
FFWD a few months and a change of jobs means much higher mileage, so rather than being on 20,000 after two years I'm on 45,000. I'm 12 months shy of the Voluntary Termination point, although I could VT now and pay the balance to the 50% VT threshold.
The service plan cost has also gone up due to the mileage.
While running the car until the VT point or trading in for something of similar value are both viable financially there is a certain attraction to saving a couple of hundred quid per month by buying something outright and running it for a couple of years. I'd been looking at buying a Focus ST outright for example.
I've now learned that this isn't possible quite in the way I thought - having spoken to an Audi dealier and being given the outstanding finance amount and a value for my car, I'd assumed (wrongly) that VW finance would accept the car plus money back and I could walk away
The only way to do this is to pay VW finance what's outstanding by either selling the car or trading in.
The logistics of selling a car and buying one at the same time don't appeal in the slightest (I can't be without a car for more than a day due to job and family), and I could be wrong but a dealer wouldn't want to take an £18k car in part ex for a £12k car. Would they?
Options are
1) Pay the remainder to 50% of car value (to trigger VT option) plus mileage and whatever "damage" they come up with, total cost circa £6,000
2) Run the car for six months, and do same as above, total cost £7,000
3) Run the car for 12 months and have no "VT fee" to pay, only mileage and damage plus the ongoing PCP payments - total cost £8-9000
Interested to hear opinions (not about the principle of PCP, or how daft it was to get a PCP and do more mileage etc :LOL: ) , suggestions etc, or if anyone is considering a Golf R Wagon - higher than average mileage but in excellent condition do let me know.
FFWD a few months and a change of jobs means much higher mileage, so rather than being on 20,000 after two years I'm on 45,000. I'm 12 months shy of the Voluntary Termination point, although I could VT now and pay the balance to the 50% VT threshold.
The service plan cost has also gone up due to the mileage.
While running the car until the VT point or trading in for something of similar value are both viable financially there is a certain attraction to saving a couple of hundred quid per month by buying something outright and running it for a couple of years. I'd been looking at buying a Focus ST outright for example.
I've now learned that this isn't possible quite in the way I thought - having spoken to an Audi dealier and being given the outstanding finance amount and a value for my car, I'd assumed (wrongly) that VW finance would accept the car plus money back and I could walk away
The only way to do this is to pay VW finance what's outstanding by either selling the car or trading in.
The logistics of selling a car and buying one at the same time don't appeal in the slightest (I can't be without a car for more than a day due to job and family), and I could be wrong but a dealer wouldn't want to take an £18k car in part ex for a £12k car. Would they?
Options are
1) Pay the remainder to 50% of car value (to trigger VT option) plus mileage and whatever "damage" they come up with, total cost circa £6,000
2) Run the car for six months, and do same as above, total cost £7,000
3) Run the car for 12 months and have no "VT fee" to pay, only mileage and damage plus the ongoing PCP payments - total cost £8-9000
Interested to hear opinions (not about the principle of PCP, or how daft it was to get a PCP and do more mileage etc :LOL: ) , suggestions etc, or if anyone is considering a Golf R Wagon - higher than average mileage but in excellent condition do let me know.
Ransoman said:
If it's the best car you have owned and you love it, why get rid of it at all?
See out the PCP then pay the balloon at the end with a personal loan. Then you own the car outright and the mileage won't matter.
I would hazard a guess that doing 20k+ miles in a Golf R appeals less at the fuel pumps than doing 10k miles in a Golf R....See out the PCP then pay the balloon at the end with a personal loan. Then you own the car outright and the mileage won't matter.
Muzzer79 said:
I would hazard a guess that doing 20k+ miles in a Golf R appeals less at the fuel pumps than doing 10k miles in a Golf R....
To be honest, that hasn't been a consideration. 
One way or another I would get out after three years anyway, and wouldn't look to buy the car. I love it but there's so many other cars to try!
It's really a question of cost, paying the PCP for another year will cost 12 month's payments and servicing plus a bigger excess mileage charge.
I'll enjoy the car in that time, clearly, but if I could get out now I'd be able to save some money for the next car (one step back, 2 steps forward if you will)
Hackney said:
2 years ago took out a PCP on a Golf R Wagon, best car I've owned, really loving it. Job at the time was office based, 1 day a week in Norwich and airport trips, so the 10,000 mile p/a was totally reasonable.
FFWD a few months and a change of jobs means much higher mileage, so rather than being on 20,000 after two years I'm on 45,000. I'm 12 months shy of the Voluntary Termination point, although I could VT now and pay the balance to the 50% VT threshold.
The service plan cost has also gone up due to the mileage.
While running the car until the VT point or trading in for something of similar value are both viable financially there is a certain attraction to saving a couple of hundred quid per month by buying something outright and running it for a couple of years. I'd been looking at buying a Focus ST outright for example.
I've now learned that this isn't possible quite in the way I thought - having spoken to an Audi dealier and being given the outstanding finance amount and a value for my car, I'd assumed (wrongly) that VW finance would accept the car plus money back and I could walk away
The only way to do this is to pay VW finance what's outstanding by either selling the car or trading in.
The logistics of selling a car and buying one at the same time don't appeal in the slightest (I can't be without a car for more than a day due to job and family), and I could be wrong but a dealer wouldn't want to take an £18k car in part ex for a £12k car. Would they?
Options are
1) Pay the remainder to 50% of car value (to trigger VT option) plus mileage and whatever "damage" they come up with, total cost circa £6,000
2) Run the car for six months, and do same as above, total cost £7,000
3) Run the car for 12 months and have no "VT fee" to pay, only mileage and damage plus the ongoing PCP payments - total cost £8-9000
Interested to hear opinions (not about the principle of PCP, or how daft it was to get a PCP and do more mileage etc :LOL: ) , suggestions etc, or if anyone is considering a Golf R Wagon - higher than average mileage but in excellent condition do let me know.
What's the VT cost, and what are you looking to sell the car for? Not really in the market for an estate, but could possibly be persuaded since I'm having to do some growing up in the near future.FFWD a few months and a change of jobs means much higher mileage, so rather than being on 20,000 after two years I'm on 45,000. I'm 12 months shy of the Voluntary Termination point, although I could VT now and pay the balance to the 50% VT threshold.
The service plan cost has also gone up due to the mileage.
While running the car until the VT point or trading in for something of similar value are both viable financially there is a certain attraction to saving a couple of hundred quid per month by buying something outright and running it for a couple of years. I'd been looking at buying a Focus ST outright for example.
I've now learned that this isn't possible quite in the way I thought - having spoken to an Audi dealier and being given the outstanding finance amount and a value for my car, I'd assumed (wrongly) that VW finance would accept the car plus money back and I could walk away
The only way to do this is to pay VW finance what's outstanding by either selling the car or trading in.
The logistics of selling a car and buying one at the same time don't appeal in the slightest (I can't be without a car for more than a day due to job and family), and I could be wrong but a dealer wouldn't want to take an £18k car in part ex for a £12k car. Would they?
Options are
1) Pay the remainder to 50% of car value (to trigger VT option) plus mileage and whatever "damage" they come up with, total cost circa £6,000
2) Run the car for six months, and do same as above, total cost £7,000
3) Run the car for 12 months and have no "VT fee" to pay, only mileage and damage plus the ongoing PCP payments - total cost £8-9000
Interested to hear opinions (not about the principle of PCP, or how daft it was to get a PCP and do more mileage etc :LOL: ) , suggestions etc, or if anyone is considering a Golf R Wagon - higher than average mileage but in excellent condition do let me know.
Specifically when VT'ing a car, I'm pretty certain that the finance company cannot legally enforce charges for mileage above the figure shown in the PCP agreement.
The reason for this is that charges are calculated based only on the condition of the vehicle so provided the car looks like a 2-year old car and you can evidence that you've taken reasonable care of the vehicle, for all their threats, they can't charge you extra for the additional mileage.
https://www.thecarexpert.co.uk/car-finance-volunta...
The reason for this is that charges are calculated based only on the condition of the vehicle so provided the car looks like a 2-year old car and you can evidence that you've taken reasonable care of the vehicle, for all their threats, they can't charge you extra for the additional mileage.
https://www.thecarexpert.co.uk/car-finance-volunta...
NewbishDelight said:
What's the VT cost, and what are you looking to sell the car for? Not really in the market for an estate, but could possibly be persuaded since I'm having to do some growing up in the near future.
It would cost me £4K to VT nowCar’s worth £18K
My car aside, I can’t recommend the Golf R Wagon enough, sensible family estate when you need it (it even has an eco mode apparently but I’ve never used it and it’s averaged 30MPG) but it can be an absolute hooligans if you’re so inclined.
I was in a similar position last month with my A6. Changed jobs, 19k miles pa rather than 10k contract mileage. Plus got offered an X3 through new job’s group supplier program at a ridiculously good discount off list price.
I found the Audi VT process a bit convoluted so sold the car privately via WBAC and paid 1k difference to settlement figure. I also had an offer from Sythner’s buyer for a similar price as WBAC which was interesting. WBAC process was surprisingly straight forward given all the “scare” stories I’d heard.
I found the Audi VT process a bit convoluted so sold the car privately via WBAC and paid 1k difference to settlement figure. I also had an offer from Sythner’s buyer for a similar price as WBAC which was interesting. WBAC process was surprisingly straight forward given all the “scare” stories I’d heard.
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