Upgrading your family car can be a necessity in various situations. On the one hand, you may have new additions to the family, meaning a bigger and more practical car is required. On the other, your current car might be a bit old, so you want to get your hands on a new one. Selling your old car is always a good way to raise funds for the new one. However, there is a smarter way of buying your next family car that’s not the traditional way.
It’s simple, instead of buying your car outright, look for car finance options. Clearly, there are many different car finance options out there. The simplest of which is to get a car loan – but that’s not what we’re on about. Instead, we’re looking at a specific finance option that could help you save money on your family car: Personal Contract Hire.
What is a personal contract hire?
PCH is sometimes called car leasing, and it is arguably the best way to buy a car in modern times. Well, ironically, you’re not actually buying the car – you’re basically borrowing it for an extended period. An upfront payment is made, and then you have monthly payments to make for the contract duration. When the contract is up, you return the car and can take out another lease.
Why is PCH good for family cars?
This method of obtaining a car is great for families for a few reasons. Firstly, it lets you get your hands on a brand new car. You can get Volkswagen deals, Ford deals, Toyota deals, even luxury brands like Aston Martin deals for new cars. The advantage of having a new car is that you’ve got something that’s equipped with all the latest technology. So, this will make your car safer for your family. It has loads of tech that can help you avoid accidents, and it should also avoid common car problems because it’s brand new.
Furthermore, as you’re leasing the car, it is normally much cheaper than buying a car outright. Plus, you don’t have to deal with selling the car and making a loss. PCH also lets you continuously change cars every few years, so you’re always going from a new car to another new car. It will prevent instances when you’re driving a really old banger for a few years, which might not be ideal when you have a young family.
What’s more, most leases will let you take your car to garages for free if there’s an issue with the car. So, you won’t end up paying more money for repairs or servicing if something goes wrong with the vehicle.
Of course, getting your next family car is entirely up to you. If you want to purchase and own a car, you won’t like the idea of leasing. But, PCH is helpful if you want to save money and access a brand new vehicle that’s perfectly suitable for your family. You should consider all of the options available before buying your next family car.
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