What are the risks of leasing for the over 80s?
My current VW ID.3 lease will end next year shortly before my 80th birthday. I am currently in good health and I would like to continue to lease electric (Megane E?) but I understand that should I need to end a lease early (maybe due to increasing high insurance cost or sudden ill health) it would be very expensive. Would I be better advised to purchase via PCP under the circumstances?
Asked on 3 January 2024 by ANTHONY J FORD
Answered by
David Ross
The penalty for an early termination of a lease are specific to the individual company, but typically the amount is around 50% of your remaining lease payments, so this could be very expensive if this is required during the early stages of your term.
With a PCP you can end the agreement under voluntary termination if you have paid 50% of total amount payable, whether this is solely through monthly payments or an additional lump sum, so this may be a better option although still not without some risk.
Alternatively you could look at shorter term leases where you pay a higher monthly fee but with less risk should you need to end the agreement early.
With a PCP you can end the agreement under voluntary termination if you have paid 50% of total amount payable, whether this is solely through monthly payments or an additional lump sum, so this may be a better option although still not without some risk.
Alternatively you could look at shorter term leases where you pay a higher monthly fee but with less risk should you need to end the agreement early.
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