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Rise in Personal Contract Hire and Leasing

The latest Leasing Broker Research published by the BVRLA shows that the total number of vehicles on contract is up 10% from the end of 2016 (Jan-Jun 2017), with the total number of new contracts in this period sitting at 50,140.

The sector continues to grow, albeit at a slower pace, and this growth appears to be driven largely by Personal Contract Hire (PCH).

“Vehicle rental and leasing have never been so popular or used by such a wide cross section of society,” said BVRLA chief executive Gerry Keaney.

“Much of the growth in the leasing sector is being driven by a surge in demand for personal leases.

“A whole new generation of drivers are attracted by the ability to fix their motoring costs and gain access to a new vehicle with the latest safety and low-emission technology every few years.”


Why is leasing a vehicle becoming more popular?

It appears as though Brits are following in the footsteps of our friends across the pond that are also facing an unstable political future, as the State of Automotive Financing 2016 report from Experian Automotive revealed that Americans are leasing more new vehicles than ever and borrowing more than ever when they buy.

Mike Thompson, brand manager at Leasing Options, said: “The increase in leasing culture across the UK does not come to a surprise, as more and more products and services are offering Brits the opportunity to make purchases in a difficult financial climate.

“The ease of monthly payments is a major attraction to so many and the opportunity to have access to new products on a regular basis without the stress of bulk payments and saving periods is something which Brits are now coming to treat as the norm.”


So how does it work?

Personal Contract Hire (PCH) involves leasing a car for an agreed period of time at a fixed monthly cost. For private individuals that means cost-effective, flexible motoring which is cheaper than buying a car. If you're only looking for short term car hire we're able to help with that too, visit our rental website www.lvshire.co.uk

All servicing and maintenance can be provided – giving you peace-of-mind that everything is running smoothly with no unpredictable costs. At the end of your term, you can simply return your vehicle or replace it with another one. The vehicle should be returned to the leasing company in a condition that meets the BVRLA ‘Fair wear and tear’ guidelines, otherwise charges may be incurred.


What does PCH include?

• Road Tax included throughout the contract.
• Complete support and guidance throughout your time with us.
• Fully bespoke contract, term and mileage – discussed, developed and tailored to your individual needs.
• A comprehensive vehicle management package (if selected) including all servicing and maintenance.

Do I qualify for PCH?

There are certain criteria points which need to be met in order to qualify for a personal car lease contract:
• 18+ years of age
• Full UK driving licence
• 3 years' employment history
• A decent credit rating (each application uses different criteria so we can't advise on specifics with regards to credit ratings)

What are the Benefits of PCH?

• Hassle-free motoring – we do the legwork for you.
• Flexible payment structure with simple and lower monthly payments – from 24 to 60 months.
• Fewer maintenance concerns, e.g. maintenance and servicing, can be included for easier budgeting.
• No hassle of selling used car or risk of unexpected vehicle depreciation.
• Regularly upgrade to new or different models every few years.
• Only pay for the portion of the vehicle’s value that you intend to use.
• PCH gives you fixed cost motoring.

If you are interested in receiving a quote on a contract hire or lease vehicle, please complete our form below and we can get back to you with the best current deals for your next car!

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Posted on 1st November 2017 at 2:00 PM

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