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The model of new car ownership has changed dramatically over the past decade. And for many motorists, Personal Contract Hire - a lease deal, as it’s more commonly known - is becoming more and more attractive to motorists.
In the past you might have walked into a dealership and handed over a huge pile of cash, either from savings or via a personal loan, to get behind the wheel of a new motor. But through a ‘PCH’ lease, you can drive new without stumping up a small fortune, or being hit with debilitating depreciation costs.
PCH is the industry term for a lease deal. And the idea is really simple. It’s an affordable way to drive the car of your dreams, or to perhaps explore a car with an electrified powertrain for the first time. You choose your vehicle, you set your annual mileage, you pay an ‘initial payment’ to bring down the cost of the deal, and then you pay a fixed, predictable monthly leasing fee for the duration of the contract, which typically spans two to three years.
Whether it’s a personal lease or a business lease, a PCH through Select Car Leasing positions scores of modern, state-of-the-art vehicles within easy reach of motorists from all walks of life. And there really is a lease vehicle to suit all budgets, whether you need a supermini or a supercar.
The higher your annual mileage, the more you’ll pay per month, while adding more months to the length of your contract will bring your leasing fee down. Have a play with our lease calculator and find the deal that hits the sweet spot for you.
Select Car Leasing has PCH vehicles in stock and ready to be delivered to your door, typically between 10-14 days after you sign a lease contract. You then simply hand the vehicle back once the agreement ends, and potentially choose another lease.
The major advantages of a lease contract compared with buying outright is that you don’t need to find a large sum of money sitting in your account in order to put a new car on your driveway. And bear in mind that even an affordable option, such as the entry-level Suzuki Swift supermini, starts at around £16,500 to purchase and own. Do you have that type of money sitting around in savings, or does an affordable monthly lease fee sound more realistic?
Key Benefits:
*Unless leasing a pre-registered car, in which case there may be a road tax shortfall the customer must pay. The manufacturer’s new car warranty - typically three years - may also expire early on a three-year, pre-registered vehicle PCH contract.
With a PCH lease, one of the key things to understand is that the car is not yours and there’s no option to purchase the vehicle outright at the end of the agreement, unlike the optional ‘balloon’ fee you can choose to pay at the end of a Personal Contract Purchase, or ‘PCP’, deal. And just like a PCP agreement, it’s up to the driver to ensure that the car is well maintained and serviced, that ‘fair wear and tear’ guidelines are abided by, and that you don’t exceed the annual mileage figure.
Considerations of a PCH Car:
It is the responsibility of the lease customer to make sure any PCH car is serviced and maintained according to the manufacturer’s schedule.
A lack of service history on any car can substantially reduce its value, and if you fail to maintain your PCH car properly, you’re highly likely to incur an additional charge. Proper maintenance and servicing also ensures your manufacturer’s warranty remains valid.
You can either book your car into a local garage that’s approved by your finance company yourself, or you can opt to take out a dedicated ‘maintenance’ package, for an additional, fixed monthly fee, which takes the hassle out of the entire process.
There are two ways to choose a PCH maintenance package:
At the end of your Personal Contract Hire (PCH) agreement, the vehicle must be returned in a roadworthy condition, with no warning lights flashing, all of the driver assistance systems functioning as they should, and with both a clean exterior and interior.
Those conditions - the ‘Fair Wear and Tear’ rules - are governed by the British Vehicle Rental and Leasing Association (BVRLA), of which Select Car Leasing is a proud member.
You’ll receive a copy of the BVRLA’s Fair Wear and Tear guidelines when you lease a car, and they stipulate precisely what sort of scratch, dents and scuffs are acceptable, and which need to be professionally repaired before you return the vehicle.
The good news is that people from all walks of life are eligible for an affordable lease deal. You’ll need to be at least 18-years-old, hold a full UK driver's licence, and be able to prove that you’ve got a good credit history. You need to provide proof of a regular, secure income in order to keep up with the monthly leasing costs. And you must not have been declared bankrupt, or have any CJJs (County Court Judgements) or IVAs (Individual Voluntary Arrangements) against your name.
On top of this, you need to hold a British passport and to be on the electoral register while listed at your current address.
In the weeks and months before your leasing contract ends, Select Car Leasing will be in touch to arrange collection of the vehicle at a time that suits you. You’ll need to ensure the vehicle is in ‘fair’ condition, as set out in the guidelines, which means it has to be roadworthy, with no warning lights on the dash, with all the technological systems functioning, and with both a clean interior and exterior. If there are scratches, dents or dings that fall outside the ‘fair wear and tear’ rules set out by the British Vehicle Rental and Leasing Association (BVRLA), you’ll have to get them fixed at your own expense before handing the vehicle back.
Once that’s all sorted, you just arrange a collection - and you can explore exciting new lease vehicle options.
Want to know more about car leasing? Get in touch now with our dedicated leasing consultants on 0118 920 5130 or email us at enquiries@selectcarleasing.co.uk
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