Don’t dream it drive it!

Private or personal car leasing has become incredibly popular in the last few years. More car owners and companies are choosing to drive a new car every few years, but with private or personal car leasing, they only have to pay half the price. It is basically a method of paying for a car over a specified period of time, which, although sounds like renting, is actually different. Whereas you can rent a car for as little as a day, leasing usually starts at about 24 months.

A personal lease is known under the two terms, Personal Contract Purchase (PCP) and Personal Contract Hire (PCH). A PCP is a more flexible form of leasing whereby you can return the car at the end of the contract, extend it or buy the car. A PCH is simpler as once the contract is over you just hand back the car and walk away.

At the beginning of a lease a refundable deposit has to be paid as well as the first, or in some cases up to the third, month's payment. The price agreed for the lease of the car is used to work out the cost of these payments, and is called the capitalised cost. The lower the cost negotiated, the lower the monthly payments will be.

• There are many advantages to leasing a car, such as:
• Fixed monthly rentals which allow easy budgeting
• No risks associated with ownership
• Inclusive maintenance packages are usually included in the monthly rental to avoid any unwanted bills
• Cars that would usually be too expensive to buy become much more affordable through a PCH or PCP plan.

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