Don’t dream it drive it!

A personal contract purchase or PCP is a more flexible lease method as the individual wanting to lease has got the option of returning the vehicle at the end of the contract, extending the contract or keeping the car. What's more the customer doesn't have to decide on what they want to do until the contract is over.

If an individual chooses a personal contract purchase (PCP) then they will pay a deposit followed by a number of low monthly payments. What can also be included within the contract is a comprehensive motoring service plan, which enables the customer to budget for any servicing and similar car costs that may occur throughout the contract period.

If the customer decides to keep the car then they will be able to pay a balloon payment, which is determined at the outset of the contract.

One of the main benefits of choosing a PCP is that it offers the customer the best of both worlds; being able to hire a car with the opportunity to buy once a large amount of the price has already been paid off. The customer could also decide to use their current car as the deposit for their next vehicle, or just hand the car back and walk away without taking out another contract.

As with most contract purchases, there may be penalties for early settlement of the contract. The car must also be kept in good condition during the agreement, with any damage or excess mileage be taken from the final value of the vehicle.

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