Lease car - big increase in mileage upcoming - options

[coolerking72]

I have a 2 year deal on an Ionic 5 at 6k miles per annum

But a change of job means I'll be doing 30k miles per annum!!

Just wondered what anyone in this situation would do. Increase the mileage in the contract, terminate the contract (i think it's 50% of remaining payments )

Don't think there are any other options?

[edc]

Work out the cost of the increased monthly on contract mileage vs just paying the excess milage charge.

[ADJimbo]

coolerking72 said:

I have a 2 year deal on an Ionic 5 at 6k miles per annum

But a change of job means I'll be doing 30k miles per annum!!

Just wondered what anyone o in this situation would do. Increase the mileage in the contract, terminate the contract (i think it's 50% of remaining payments )

Don't think there are any other options?

What have Hyundai said when you’ve asked them? That’s their choice. You can threat to VT or ask them to find a way through with the vehicle given your significant change of circumstances. I’d be looking at keeping you in the vehicle for a longer term to off-set the mileage and maybe adjusting the monthlies. They’ll be a route forwards if you have a natter with the PCP provider.

[Andy665]

ADJimbo said:

coolerking72 said:

I have a 2 year deal on an Ionic 5 at 6k miles per annum

But a change of job means I'll be doing 30k miles per annum!!

Just wondered what anyone o in this situation would do. Increase the mileage in the contract, terminate the contract (i think it's 50% of remaining payments )

Don't think there are any other options?

What have Hyundai said when you’ve asked them? That’s their choice. You can threat to VT or ask them to find a way through with the vehicle given your significant change of circumstances. I’d be looking at keeping you in the vehicle for a longer term to off-set the mileage and maybe adjusting the monthlies. They’ll be a route forwards if you have a natter with the PCP provider.

OP suggests its a lease so no VT option

[coolerking72]

can terminate early but it's £1511 plus VAT

or pay a revised payment of an extra £145 per month

or just pay extra at the end which is 7.56p per mile (i think this actually works out the cheapest option!!)

[66HFM]

I think it would also depend how far into the 2 year agreement you are as to what is the best option.
Have you just taken the lease out, are you 6 months, 12 months, 18 months in?
Its also what is your currently monthly payment?

Once you've provided the above its then time for the Excel geeks to do the calculations...

[JQ]

coolerking72 said:

can terminate early but it's £1511 plus VAT

or pay a revised payment of an extra £145 per month

or just pay extra at the end which is 7.56p per mile (i think this actually works out the cheapest option!!)

Do your sums factoring the cost of the replacement car, but i can't imagine you're going to get a replacement car (@ 30,000 miles pa) for less than £145pcm - £1,813, however as stated above it will depend on how long is left on your current lease.

How long is left on your lease, what's the current monthly payment and how much do you estimate the 7.56p is going to cost you in total?

[coolerking72]

so i'm 12 months in to a 24 month contract

current payments are £329

i think I've worked it out right that the excess miles payment is cheaper than the extra revised amount

[codenamecueball]

coolerking72 said:

so i'm 12 months in to a 24 month contract

current payments are £329

i think I've worked it out right that the excess miles payment is cheaper than the extra revised amount

is there a limit to excess miles?

i know some lease providers offer a price if you go over, but a beyond amount that is absolutely not allowed and will result in you paying the difference in car value.

[Rough101]

codenamecueball said:

is there a limit to excess miles?

i know some lease providers offer a price if you go over, but a beyond amount that is absolutely not allowed and will result in you paying the difference in car value.

Yeah, check the small print, a mate got burned on this, thinking the 5p extra was a bargain, but the small print got him, he fought it hard, but was still out of pocket well beyond what he expected.

[edc]

Rough101 said:

codenamecueball said:

is there a limit to excess miles?

i know some lease providers offer a price if you go over, but a beyond amount that is absolutely not allowed and will result in you paying the difference in car value.

Yeah, check the small print, a mate got burned on this, thinking the 5p extra was a bargain, but the small print got him, he fought it hard, but was still out of pocket well beyond what he expected.

It's pretty clear. Most are simply x rate + VAT up to Y miles then z rate + VAT over Y miles.

[coolerking72]

can't see anything in the small print about a different excess if it goes over a certain amount

[JQ]

So cost of terminating is £1,813 + cost of new car. A Seat Leon petrol with 30,000 miles pa can be had for £350pcm on a 1 + 47 month lease. Total cost would be £501pcm for the next 12 months.

Cost of retaining current car would be £329pcm + (say) £140pcm excess mileage. Total cost £469pcm.

Add in cost savings of running an EV over a petrol and the current car looks cheaper for a better car. Only downside is I assume that at 30,000 miles pa you'll be doing a fair bit of public charging and whether you're happy with that.

Like for like comparison says keep your current car (new v new). If you decide to buy a cheaper used car the calculation become more complicated, however, you'd have to factor in high depreciation and higher running costs associated with putting 90,000 miles on a car over a 3 year period.