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Leasing a car. Leasing a car can be compared to a long term rental. You pay a monthly fee to use the car for the years and mileage agreed within your contract. This is known as personal contract hire (PCH) where you lease a car for a short period of time e.g. 2 years. You pay relatively low monthly repayments and return the vehicle at the end ...
- How Long Do You Keep Your Car?
- Do You Have Cash Available to Buy A New Car?
- Do You Like to 'Own' Your Car?
- What About Depreciation?
- What's Best Value For Money?
- PCH and PCP – What's The difference?
A big deciding factor whether to buy or lease comes down to how long you keep your car. If you normally buy a new car and run it for its whole life, then a traditional cash purchase makes the most sense. However, if you prefer to change cars every few years and have a new vehicle under the manufacturer's warranty, leasing is a much better option. T...
Buying a new car with cash is a big financial commitment. Even an entry-level Ford Fiesta and Volkswagen Golf cost £17,000 and £23,000 respectively these days. However, if you decide to lease your car you don't have to pay a huge amount upfront because the cost is spread over a period of time. There's usually an upfront cost though, which depends o...
It's important to remember that with leasing you never 'own' the car, rather it's a long-term hire agreement – the car belongs to the leasing company. To many that doesn't matter, but if you prefer to 'own' the car then leasing might not be for you. But you could explore other options such as a car finance agreement or personal contract purchase (P...
When it comes to buying your own car outright, depreciation is a huge concern. For as soon as you drive your new car out of the showroom, it will nearly always fall in value. And if you like to change your car every few years, that could leave you quite heavily out of pocket. But with leasing you don't have to worry about depreciation as it's absor...
Deciding on value depends on your viewpoint. For instance, while leasing works out cheaper on paper it's not really an investment, because the car never belongs to you. However, if actually owning the vehicle doesn't matter to you, then leasing is an affordable way of getting behind the wheel of a new car every few years.
One of the most popular types of car leasing is personal contract hire (PCH), which is easy to get confused with personal contract purchase (PCP), the most popular type of car finance. There are similarities between PCP and PCH and the concepts are very much the same. With both you make an upfront payment – a deposit in the case of PCP and an initi...
Aug 7, 2024 · The catch is that leasing means you're bound by a mileage limit and are paying for a vehicle you'll never own. Buying a car is less restrictive and you'll own the car outright. You'll also have the option to drive unlimited miles, and the freedom to sell whenever you like. But if you're buying, you'll need be mindful of depreciation, road tax ...
- Victoria Russell
- Money & Personal Finance Expert
2 days ago · With leasing, the lease provider is the registered owner of the car, so you return the car once your leasing contract ends. To summarise, financing with a balloon payment lets you own the car at the end, while leasing involves paying for use and returning the car when the contract ends.
Apr 18, 2023 · Buying a car means you’re the legal owner of the vehicle, which is reflected in the cost. Buying a car outright can be expensive, so it’s common to use finance products like loans paid back over time, often with interest. Car leasing, or personal contract hire as it’s also known, does not give you ownership rights at any point, but it’s ...
- Auto Trader
Mar 17, 2023 · At the end of the lease period, you’ll need to hand the car back, with no contractual option to purchase the vehicle – although some leasing firms may let you buy it if you ask. During the period of the lease, you will not own the car – it remains the property of the finance company, and if you do not keep up repayments the car can be ...
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Sep 21, 2022 · Aside from leasing, the main types of car finance are personal contract purchase (PCP), hire purchase (HP) and bank loans. Personal contract purchase is essentially a loan, only you don’t borrow the full price of the car. You’ll pay an initial deposit, which is usually 10% of the cars value and then you’ll make a series of monthly payments.
