From February 2015 to February 2016, the amount of Personal Contract Hire (PCH) plans that have been taken up has increased to 7% of the market for new car finance.
Reports from the Finance and Leasing Association (FLA) Personal Contract Hire agreements have increased whilst the amount of Hire Purchase plans have decreased (21% to 16% over the same 12 month period).
For customers that don’t want the commitment of buying a car Personal Contract Hire is a long term leasing option and the trend appears to be growing as more and more people opt to lease over buying.
Leasing offers the customer the ability to be flexible, to change mileage commitments as well as benefit from lower upfront payments and competitive monthly charges.
Personal Contract Purchase (PCP) however is still the leading motor finance product of choice for new cars with more than 75% of the market share. PCP in the used sector is supporting demand and it’s great to see the car industry overall is booming. So, why not be part of the boom and treat yourself to a new drive this summer?
Cocoon Vehicles offer a wide range of both leasing and purchase options and are more than happy to talk through your options with you. You can call today on 01332 290173 or complete the form below and you will hear from Cocoon Vehicles shortly.