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PCP is one of the most popular ways to purchase a car today. It allows you to drive the car of your choice at a very attractive, fixed monthly cost, with a low initial deposit. With a PCP agreement a guaranteed future value is set for the car at the outset. This is calculated on a number of different factors including agreed mileage and length of agreement, and payment of this sum is deferred until the end of the agreement. The Company car Alternative: If you are a company car driver, PCP is a sensible alternative to the usual company car scheme because you can use your company car allowance to fund your PCP monthly payments without paying company car tax. Monthly payments are fixed over the repayment period, normally two or three years. The scheme adapts to your individual needs giving you three options when the agreement ends: 1 Purchase the car for the pre-agreed price (the guaranteed future value amount) 2 Return the car and take another PCP agreement on another car (subject to status and return conditions) 3 Simply return the car to provider with nothing more to pay (subject to return conditions) Benefits: - Ownership - Low initial deposit - Flexible deposit term - Fixed repayments - Optional final payment - Low monthly payments - Guaranteed equity available |
