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Audi Finance and Excess Mileage

Discussion in 'New A3/S3 (8V Chassis)' started by glamic26, Jun 14, 2013.

  1. glamic26

    glamic26 New Member

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    Hi Guys,

    Does anybody have any inside info on how the Audi Finance works or if there is an Audi Finance Calculator online somewhere?

    I am just 3 weeks into a 4 year PCP contract with Audi and put down 10,000 miles per year (which was probably going to be tight to be honest). Work have just opened a new site and it turns out I am going to need to travel between my site and this new one on occasions. I am trying to work out whether I am better off changing the finance agreement to 12,000 or even 15,000 miles per year and presumably have to pay extra on my monthly payments. Or whether to take the hit on the excess mileage charge which is 5.8 pence per mile.

    Excess Mileage if I end up doing 12,000 a year would be 8,000 miles over 4 years. Works out at £464 or £9.67 per month.
    Excess Mileage if I end up doing 15,000 a year would be 20,000 miles over 4 years. Works out at £1160 or £24.17 per month.

    Does anyone know how I can work out what the equivalent increase in monthly cost would be if I changed the annual mileage on the finance agreement to 12,000 or 15,000 miles? I have asked my dealer to check but now that he has sold me the car he might not be so quick to reply!

    Cheers in advance or any info.

    Edit: Just for further info incase it makes a difference. I am currently planning on renewing the PCP and getting a new car either at the end of the 4 years or before if Audi come and offer me a new deal. One of the business managers at a dealership I went to told me that if I am handing back and getting a new car then I will not be charged an excess mileage fee. I assumed this was rubbish he was talking just to get me to sign the deal but after googling this has come up in a few places now. In which case you would surely always be better off choosing the lowest mileage on offer and handing back early??

    Edit 2: Ignore the last edit. I have just checked my finance agreement and it is indeed rubbish. If I want to hand back my car (or appoint Audi as a selling agent) at any point then I have to settle all charges including excess mileage charges (which will be scaled down proportionally if handed back early). Knew it was too good to be true when the Business Manager said it!
     
    #1 glamic26, Jun 14, 2013
    Last edited: Jun 14, 2013
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  3. MT3

    MT3 New Member

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    Sell the car privately at the end of the term or to another dealer and there are no charges for extra mileage, I have done this with my last 6 cars all on pcp including 2 each of Audi/ VW and mini.

    hope this helps.
     
  4. cemerson

    cemerson Well-Known Member

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    Yeh, the car should be worth more than the final payment so it would be crazy to just hand it back (assuming that's the case) - the final values are usually pessimistic because of that. My PCP is on a 6000 mile agreement to keep costs down, even though I expect to be doing 18,000 miles a year - maybe a bit of a risk but I definitely intend to keep the car at the end of the agreement. The final value is probably based on the mileage I expect so my car might not be worth as much relative to the final payment as it would be on an 18,000 mile agreement, but I still think it'll be worth more.
     
  5. glamic26

    glamic26 New Member

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    Thanks MT3. I assume to sell to another dealer I would have to pay the final lump sum payment and then use it as a trade in, or is there another way of doing it? My concern is that whilst there may not seem to be a charge for excess mileage (as they may still give me a deposit on the next car) that they have actually soaked my excess mileage charges up in the amount of deposit they give me. I'm thinking at the moment I am better off keeping my mileage as it is and being prepared to pay excess mileage if necessary.
     
  6. cemerson

    cemerson Well-Known Member

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    You get a settlement figure from your finance company, and that's the amount the dealer will pay them - if the finance is paid off the excess mileage charges don't apply. As long as the finance company get the final payment, they won't charge any extra, to you or another dealer. You don't even have to mention it's on finance when you get a trade in value from a dealer - just mentally take your final payment (or any outstanding payments if you end it early) off that amount to get the amount of deposit remaining. If you are really worried about it, you could sell privately and sort it all out yourself to be sure.
     

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