BMW PCP Milage Question

[shadowbot]

Hi all,

Recently got a nice 2019 plate Shadow Edition 116i. I love it, and it was a great price for all its features compared to when new, was an ex demonstrator / show room vehicle and only had 4500 miles on the clock. I took it out on PCP (4 years) with a 15,000 mile limit. I generally only do around 10,000 so this was already allowing some fat in case I did more on the unexpected journey.

I'm now looking at maybe moving further away from work based on financial viability of rent prices, which would potentially double my commute milage while keeping the time to drive to work the same, all while potentially saving me £500 a month (moving into a place with my other half -- two income instead of one yada yada).

Firstly... my overage on miles is about 6.51p per mile. If I did 22,000 miles a year instead of 15,000 that's obviously 7,000 miles more a year at a cost of £456 per annum or £40 ish a month. Those types of milages figures aren't to difficult for me to put away each month on my current salary, however my question relates to when they're due..

I have seen on here a couple of times that overage isn't an issue unless I walk away and decide to not continue after the PCP term in which case over 4 years of that much overage I'll owe a few grand. But, say in if in 3 years I go and swap the car, which we all know the dealers will want me to do, and it has 70,000 miles on the clock vs 45,000.. what's their view going to be? Will it not be a problem for them so long as I commit to a newer PCP agreement?

This stuff isn't hugely explained in their contracts which is annoying!

Before any forum keyboard warriors all bite my head off, I haven't moved yet. It's all part of the sensible financial planning I'm doing on its' viability. This car does 50mpg average on the motorway vs my last 1 series's 30mpg so that's already worth the car in itself.

Thanks in advance

[Dinoboy]

All that'll happen is you'll go into a dealer a couple of months before the end of your contract and they'll tell you that the car is in negative equity to use as a part ex on a new one. You stump up a bit of cash and start again with a new car.

[shadowbot]

Do you know how they'll calculate what that negative equity will be?

I would presume they'd go by the milage overage fee x by the number of miles over?

[Dinoboy]

Have a look online at the value of a 3 year old car similar car to yours with 70k miles compared to same colour spec with 45k miles. There's lots of them about so should be able to get a picture of what difference the mileage makes.

[Terminator X]

Will only ever be an issue if you hand the car back. Most imho just trade in for another, sell the car privately or keep it / pay off loan eg over mileage never gets paid to BMW.

TX.

[SBN]

Only an issue if you hand it back and walk away.

If you PX it at any dealer near the end or end of your contract they don't charge you but it does/may impact the value, but then this is compensated somewhat by the deal you negotiate.

If you sell it and use the proceeds to settle the balance it doesn't impact you either.

If you decide to terminate early, e.g. once over 50% of the car has been paid off then you will also need to pay the excess mileage charge but that might be a better option especially if the PX value is considerably less.

[Wills2]

At 70k you're maximum exposure will be £1627 whichever way you slice it, just bank that along the way or be prepared to pay it one way or another at the point of termination.

[Aeroresh]

All theyre bothered about is the value. Mileage is really only a consideration if you walk mid term or at the end.

Just ring bmw finance up for a settlement figure, they wont ask for mileage which says it all.