What is the difference between leasing and PCP?

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Car and van leasing is an agreement between the dealership and the customer that allows the customer to drive a brand-new car for an agreed amount of time following an agreed deposit or down payment and contracted regular monthly payments. Whether it is a personal lease hire or a business lease hire, at the end of the agreed time, the customer has to hand the vehicle back to the dealership – sometimes the customer is given an option to buy the vehicle at the end of the leasing agreement.

Personal Contract Purchase (PCP) is an agreement between the dealership, finance company and the customer that allows the customer to drive a new car away with an agreed monthly payment over a set amount of time. Customers can choose to put down an initial deposit to help reduce the monthly payment. At the end of the agreed contract, the customer usually has three options: you can hand the car back to the dealership, pay the remaining balance of the vehicle and own the car outright, or change your vehicle.

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