As the popularity of contract hire car agreements continues to increase, many people may be wondering if it is possible to purchase a contract hire car. The short answer is no, you cannot buy a contract hire car.
When you enter into a contract hire agreement, you are essentially renting the car for a set period of time, typically between two to four years. During this time, you will make monthly payments to the leasing company in exchange for the use of the car. At the end of the agreement, you will return the car to the leasing company.
While it may be tempting to want to purchase the car at the end of the agreement, this is not typically an option with contract hire agreements. In most cases, the leasing company will own the car and will want to sell it to someone else or use it for their own purposes once the agreement has ended.
However, there are other options available if you want to keep the car at the end of the agreement. One option is to look into a lease purchase agreement. This type of agreement gives you the option to purchase the car at the end of the lease term for a pre-determined price.
It is important to note that lease purchase agreements can be more expensive than standard contract hire agreements. Additionally, you will be responsible for any repairs or maintenance that the car may need during the lease term.
Another option is to look into a personal contract purchase agreement. This type of agreement allows you to make lower monthly payments by deferring a portion of the car`s value until the end of the agreement. At this point, you can either return the car or choose to purchase it for a pre-determined price.
In conclusion, while you cannot buy a contract hire car, there are other options available if you want to keep the car at the end of the agreement. It is important to weigh the costs and benefits of each option to determine the best course of action for your individual situation.