Thanks for the clarity on the 2-year extension, Glos Guy.
Very good to know.
Regarding the option of ‘going private’, how would you quantify such an option?
Firstly you have the 3-years rental – which is going to be best part of £10k.
Then the AP if applicable.
Then insurance.
Then maintenance, servicing, tyres, etc.
To break even on a non-Motability car, the monthly PCH / PCP for the car ideally needs to be around £200 pcm (over 36 months), without any deposit; that’s £7,200 for the car – including finance charges.
Granted, a wider choice – and although a viable option for – definitely not for all.
It seems that your 2-year extension idea is certainly a favourable option.
Yes, Motability will gain financially – but if they don’t, some other banks will.
And what will be the overall 3-year gain for the ex-Motability customer?