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What is the difference between PCP and leasing?
When looking at both PCP and leasing you may not notice much difference due to both requiring an initial payment and smaller monthly payments which continue throughout a period of your chosen contract!
There is one key difference between PCP and leasing and that is that PCP allows you to own the vehicle.
At the end of your contract, your PCP plan will give you the choice of making a payment or returning the car. Leasing will require you to return the vehicle at the end of your contract!
What are the benefits of leasing a vehicle:
- You can change your vehicle regularly and explore different models without being left with a huge payment.
- You can put your mind at ease knowing your monthly payments are at a fixed rate, this will allow you to plan your cash flow projections without worrying about unpredictable costs!
- You will have a hassle free return and no need to worry about the stress of reselling your vehicle.
- Depending on the contract length, you will have a new car every few years and be able to experience all the features of new vehicles.
- By leasing a vehicle you will avoid depreciation loss on the value of your car!
- Leasing gives you flexibility and allows you not have any long term commitment.