Cars PCP car finance: How to avoid charges when you return the keys
What is BuyaCar?
Online used car sales site BuyaCar offers a vast array of cars that can be bought from the comfort of your home and delivered to your door.One of the original companies selling used cars online is BuyaCar, which was launched in 2002. The company has sold more than 24,000 cars worth around £300 million in that time, focusing on enabling drivers to buy used cars – from a distance – with confidence.
Personal Contract Purchase (PCP) and Personal Contract Hire (PCH) have enabled millions of motorists to drive a new car. The finance schemes have gained popularity in recent years, with more than 90 percent of new private vehicles now bought this way.
There is a catch, however. At no point, unless you pay the ‘balloon’ fee at the end of the agreement, do you own the car on your driveway. You eventually have to give it back and, for many people, that means unexpected costs. We look at the reasons for these – and how to avoid them.
If you’re unclear on how the different finance options work,.
Live and let drive: The long-awaited new Bond film is almost here -and the cars might just steal the show (as they normally do)
Sean Connery, Roger Moore, Pierce Brosnan or Daniel Craig aside, the other undoubted stars of the 007 movies are the cars. Always have been. And, hopefully, always will be. Indeed, they give James Bond a driving licence to thrill and often outshine even the evil villains and beautiful 'Bond women'.So with the countdown now on to the screening later this month of the much delayed new film No Time To Die, it's a good moment to look at what keeps 007 on the road. © Provided by This Is Money Not shaken, just stirred: The £3.
This article was produced with help from DMN, a logistics company that completes thousands of car leasing inspections and collections every year.
Condition and equipment
Just as you wouldn’t buy a dirty car that was missing pieces of trim or equipment, nor does a dealer want to take one back. Make sure your car is clean and complete on hand-back day.
For starters, you could face a bill of around £50. Spare keys and tyre inflation kits commonly incur fines if missing, too. A lost key could set you back £250 or more, while a missing tyre inflation kit might see you fined £120.
Another common item that people remove from their cars, never to return, is the parcel shelf. Supply the car with this fitted or face a potential £100 fine.
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Stamp that service book
Most of us would avoid buying a car without a proper record of servicing. It will thus reduce the car’s value – and cost you money at handover – if maintenance hasn’t been kept to the manufacturer’s schedule.
Charges begin in the hundreds of pounds for returning a lease car that hasn’t been serviced as required.
Don’t pile on the miles
Most, if not all, come with a mileage limit. Whether your annual mileage ‘spend’ is 5,000 or 15,000, you will feel the pinch if you exceed it.
Charges per excess mile can range from 4p to 72p, depending on the car, according to Parkers. That means a 10,000-mile per-year contract that you’ve exceeded by 6,000 miles could cost between £240 and £4,320.
Follow the above advice and you should be fine. Keep the car clean and serviced, give it back without anything missing and watch your mileage.
30 large-engined classic cars
30 large-engined classic cars
To be extra sure – and this should go without saying – read the terms of your finance agreement very carefully. Do so well in advance, so you have time to prepare your car for its return.
“Experience tells us people often neglect the same things when it comes to end of vehicle contracts, which can often end up costing them unnecessarily,” says Nick Chadaway of DMN.
“It’s these small details which, potentially, can add up to costly outlays. With a little bit of foresight and planning, these pitfalls can be easily avoided, saving drivers both money, time and stress.”
How to make your car last longer .
Save money by making your car live longer – including tips on basic maintenance, cleaning, rust-proofing and looking after the battery.Read on for easy-to-follow tips to keep your car reliable and efficient for longer. They should save you money in the long run, too.