3 and 5 year lease gcb/gcp quoted but what about year 4? Our new car should arrive next month and I was expecting a gcb of £700 as the lease began May 2018. Any ideas?
I spoke to Motability this morning, my 3 year lease should have ended this April 17th. The person I spoke to said that as well as £350 (due sometime after the end of October), if I collect a new car before April 17th 2023 I would get £250 but if I collected after 17th April it will be £350. So basically 4 years is the same as 5 years when it comes to the good condition payment.
It’s not actually, cars ordered before 01/10/2022 get £550 after 5 years. The £350 they told you makes it up to the £700 for cars after 4 years. The £350 at the end of the lease is the new GBP for 5 years, with no £350 advance.
Been reading through the news item, and it certainly takes some reading to decode. So, from what I understand the GCB is no more, (from 01/10/2022) it is now called the GCP. It has been reduced to £250 for 3 years, £350 for 5 and I guess £300 for 4. Everyone who ordered before 01/10/2022 gets an advance of £350. With the balance paid at the end of the lease; £250 for 3 years, £350 for 4 and £550 for 5. Those that ordered after 01/10/2022 get no advance. I don’t think this bodes well for the scheme. As many rely on the GCB to help with their AP. Unless that is these changes result in lower APs and/or a bigger choice of vehicles.
While I was wading through all the figures in this article had a thought; I returned my car after more than 4 years (but less than 5) and got £700. Pre 01/10/2022 the GCB was £600 for 3 years and £900 for 5 years that worked out at £200 a year for 3 and £180 for five. Surely 4 years should have been £760 or £190 a year. At the very least it should have been £750 which is halfway between £600 and £900. Another anomaly I noticed; as a car get older the rate of depreciation goes down. Surly the rate of the GCB (or GCP) should go up to allow for this. It used to be that the GCB was fixed and if one extended their agreement, they got some (or more) of their mobility allowance back. In other words, the payment used to go down in line with the depreciation.
Current lease: 2025 Omoda 5 Estate 1.6 TGDI [147] Noble 5dr 7DCT
Last lease: 2022 MINI Hatch 2.0 Cooper S Classic Premium 5DR Auto
First lease: 2018 SEAT Leon Sport Tourer 1.8 TSI FR Technology DSG