A purchasing scheme that is not dissimilar to a regular contract hire arrangement, this is an agreement reserved exclusively for private motorists. Such is the popularity of the scheme, Personal Contract Hire is the most common form of purchasing option in the UK, with the opportunity to return the vehicle at the end of the agreement making it the perfect - and more affordable - choice for many motorists.
At the start of a Personal Contract Hire arrangement, you will be agreeing to pay the difference between the retail value of the vehicle and the residual - or future - value determined at the end of the agreement. This future value will be calculated in combination with strict restrictions on mileage and provides the leasing company with an accurate assessment of the worth of the model at the end of the contract.
Upon reaching the end of the contracted term, you simply return the vehicle with nothing more to pay. However, if you’ve exceeded the allotted mileage or the model doesn’t conform to expected conditions, you will likely be charged an additional fee.
You can learn more about Personal Contract Hire by speaking to the sales experts at Vantage Motor Group today.
