is it possible to extend the pch lease from 2 yr to 3 year, im 8 months in at the moment, but should have taken a 3 yr lease, would the rentals increase drastically, has any one on here done this, advice and info appriciated,cheers

Edited 8 February, 201610 yr by cortina63

I dont believe its possible as it is a lease agreement and not like PCP where you could refinance it before the end of term.

As I understand it, the companies will often contact you towards the end of the 2 years and offer you a further year.

is it possible to extend the pch lease from 2 yr to 3 year, im 8 months in at the moment, but should have taken a 3 yr lease, would the rentals increase drastically, has any one on here done this, advice and info appriciated,cheers

Maybe the finance company will have the definitive answer?

As I understand it, the companies will often contact you towards the end of the 2 years and offer you a further year.

oK cheers,

As it is a lease, why would you not change for another new car on a 2 year lease with similar repayments?

I was told VWFS would contact me towards the end of the term to offer me the chance to extend the lease, but as andyvee says, unless the monthly payments are less than a brand new one why would you bother? Although you may save the outlay of another deposit, if you specced any optional extras then you could end up being charged again for features you paid for outright in the original lease term.

When I picked my vrs up from Simpsons, the advisor said the same thing. He said it's always at the same price as the current lease contract so why bother if you can get a brand new one for the same money....

Yes I'm thinking the same. A 3 year lease on mine was a bit cheaper. So unless they negotiate a cheaper monthly payment, they can have their special edition VCDS tinkered car back

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It just a thought, next summer if there are no changes ie face lift to the octy I may aswell keep it another year then see whats about, also then I can see what the rs focus is like

I guess will save you the deposit up front again. In the paperwork it does mention about possibility of extending agreement.

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Update, I can call in the last 6 months of agreement and state current mileage and length required to keep and they will update with a price on extending the agreement. Costs benefits are better with 3 years as you'll make use of the service and new front tyres.

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It's almost guaranteed that extending a PCH will involve increased monthly payments.

 

Skoda have nothing to loose, it's like car insurance renewals, they are always higher, mainly due to a percentage of people not bothering to shop around and just paying it.

 

Skoda know that by upping the monthlies some people would rather pay it than find another deposit and go through the rigmarole of finding another cheap lease.

 

If you don't pay it then chances are you'll just get another Skoda. Win, win.

 

The whole idea of PCH is cheap, cheap. If you want to extend, or want a particular make or model, or have additional options added to the car then PCP is the better option.

 

Throw the keys back in 15 months and get something else. You can get 12 month PCH deals too if you didn't want to sign up for another 2 years.

Edited 4 June, 201610 yr by silver1011

I'm not sure why year three should raise the monthly payment, as the car is going to depreciate less, not more.

Well in September I'll call to get a price.

12 months deals are about, but not seen many on VW deals and it's usually ford and Citroen cars!

3 year I think is the way to go. The front tires are starting to get closer to the wear indicators, so it'll be inevitable that it'll nee new tyres, or move the fronts to the rears now, but bad idea come winter time. Also I'll need to have it serviced before handing it back!

I think I'll,just go with 3 years next time as those are things I hadn't thought about.

If they offer me the lease 30 pound cheaper than I'm paying now, I'll extend.

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One thing that seriously puts me off 3 year terms is being tied in for that length of time. Any unexpected change of personal circumstances would hit you that bit harder if you're committed for the extra year. Personally I'd be more comfortable signing up for 2 and then extending towards the end if it suits.

I'm not sure why year three should raise the monthly payment, as the car is going to depreciate less, not more.

 

I don't think the depreciation comes into it.

 

It's the car insurance argument again, chances are you'll have another years NCB yet the renewal is almost always higher.

 

It's not just about covering costs, it's all about making money.

 

Skoda Finance would much rather you sign up to a new lease and the dealer would much rather order you another new car.

 

A total guess but I'd imagine a two year old 16,000 mile used car vs. a three year old 24,000 mile car might be more attractive stood on a dealers forecourt, as ultimately this is where most PCH cars end up?

On our 2 year PCH on 8,000 miles / year I'm very much hoping for no new tyres and one minor service @ £149.

It just a thought, next summer if there are no changes ie face lift to the octy I may aswell keep it another year then see whats about, also then I can see what the rs focus is like

The focus RS is an awesome piece of kit for the money. Had a drive in a friends a few weeks ago and i'm still wearing the grin on my face.

On our 2 year PCH on 8,000 miles / year I'm very much hoping for no new tyres and one minor service @ £149.

12k miles in and the fronts are starting to get nearer to those wear lines. I'm going to replace for winter for sure, which will get me about 4 months out of new tyres, unless I extend.

Good point about 3 year lease, I do get bored of cars, but this VRS ticks all the boxes so far.

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