Similarly to the service for businesses to lease vehicles, there is also a service for individuals, this is called personal contract hire. This method of obtaining a new vehicle is a lot more affordable than buying a new car. This method is becoming increasingly popular in today’s car-buying climate.
How it works is very simple, you make fixed monthly payments for the duration you lease the vehicle. Then at the end of the agreed period, you hand the car back. This way of owning a vehicle appeals to many due to the fact that they don’t have to worry about resale value at any point.
Once your contract has ended you simply walk away.
The fixed monthly payments are calculated by the difference between the initial purchase price and the residual value of the vehicle at the end of your contract. This takes the worry out of hoping your car’s value does not depreciate too much. Personal contract hire gives you total peace of mind motoring as all extras can be included.
This method means you can get access to a new car when maybe your finances rule out purchasing a new car in the normal fashion. You can choose from most makes and models usually and should you wish to do so you can change your car after an agreed period and replace it with a brand new car again, meaning you always have the latest make and model of the vehicle of your choice.
There are 3 main benefits to obtaining a car by this method.
- Firstly the fixed costs mean your monthly payments never go up, so you know exactly what you will be paying each month for the duration of your contract. Personal contract hire can be cheaper than purchasing a car using a loan or other finance method.
- Secondly the convenience. You will never have to worry about car repairs, bills, MOT’s and even road tax. You can add extras such as maintenance packages too. Over 50% of businesses that offer their employees cars with the job using this method so being able to do it as a personal customer is worth considering.
- Thirdly you have fewer obligations, so no stressful private sale to go through or worry about repairs if you have the maintenance package, you will even get garage oil drain pans that roll for your convenience. At the end of the period, you simply return the vehicle and walk away. You can have a contract where you upgrade your vehicle at an agreed set period also so you constantly have access to the latest makes and models.
Coast2Coast cars have a full range of personal contract hire vehicles for you to select from. Our expert advisors can walk you through every step and answer your questions. You can get a quote online today and view our extensive range of new vehicles, all available to you.
We are an established family run business with over 18 years of experience.
Use our handy online quotation system to see how much your desired vehicle will cost per month and the specs available. It could not be simpler.
We have extensive knowledge of all the makes and models we offer and our cars come with full warranties. Our network of UK wide dealers also means you won’t have to travel far to find your perfect next vehicle purchased using personal contract hire. Simply contact us today to discuss your requirements.