How to work out your real annual mileage
Add up: daily commute × 2 × 220 working days + weekend/leisure driving + long trips. Add 10% for the miles you'll forget about. That number, not a rough guess, goes in the box.
Excess mileage charges
Typically 5-25p per excess mile, depending on car and lender. Premium brands (Audi, BMW, Mercedes) sit at the high end. On a £15p rate, 3,000 excess miles a year for 4 years = £1,800.
The paid-up-mileage option
Most lenders let you increase your annual mileage mid-agreement for a small fee — usually cheaper than paying excess at return. If you realise you're heading over the cap in year 2, contact them.
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The HP escape route
HP has no mileage cap and no return inspection. If you cover very high mileage (25,000+/year), HP will almost always work out cheaper overall than PCP on the same car.
