Stuck in a 4-year PCH lease on my Hyundai IONIQ 5 and already way over the mileage allowance. What are my options?
So, I may have made a rather expensive mistake back in September 2024 when I signed up for a 4-year Personal Contract Hire (PCH) lease on a brand-new Hyundai IONIQ 5. 😅
I opted for a 12,000-mile annual allowance, thinking that would be plenty. Famous last words!
Between commuting to work, it being our only family car, and regular long-distance trips to see my daughter (that’s a whole different story deserving its own subreddit 🤷🏽♂️😂), I’ve already clocked up 42,100 miles in just over two years!
Here’s my situation:
● Car: Hyundai IONIQ 5
● Lease: 48 months (started September 2024)
● Mileage allowance: 12,000 miles/year (48,000 total)
● Current mileage: 42,100 miles
● Excess mileage charge: 9p per mile
● Early termination: Apparently 50% of the car’s value, which makes getting out of the lease rather painful.
The frustrating part is that I genuinely like the car. It’s been brilliant, and I’ve had no issues with it whatsoever.
However, at my current rate, I’m going to blow past the mileage allowance well before the lease ends, and I’d rather not get slapped with a hefty excess mileage bill.
So, what are my realistic options?
Has anyone been in a similar situation with a PCH lease? Is there any possibility of renegotiating the mileage allowance, extending the lease, buying the car outright, or finding another way out without taking a massive financial hit?
I’m not particularly keen on getting another car, especially as this one has been great. I just want to find the most financially sensible way forward.
Would really appreciate hearing from anyone who’s navigated something similar, particularly with Hyundai or UK leasing companies.
Any advice, experiences, or creative (legal!) solutions welcome. Cheers!