Should I get an EV on personal contract hire or personal contract purchase?
Looking to get an electric vehicle but finding your finance options confusing? We get it. Financing a new car can seem complicated with lots of different options available. But we're here to help.
What’s the difference between Personal Contract Hire and Personal Contract Purchase?
Both payment methods are very popular for leasing electric vehicles. But they work slightly differently. PCP is a purchase plan with the option to buy your vehicle at the end of the lease. Whereas PCH is a lease plan, where you don’t own the car at the end of the contract.
Here are the main differences between Personal Contract Hire and Personal Contract Purchase:
At Octopus, we don't just offer your typical personal contract hire agreement. Our ultimate EV package is so much more than that. Our job is to make switching to electric driving as easy as possible, and we know that when you first make the switch there's a lot to think about including how and where you'll charge your car, what energy tariff you might need, plus everything else that goes with maintaining your car. So we're making the switch to electric easy by giving you car, charging and energy. The lot.
Here's how our ultimate EV package stacks up with a typical PCH agreement:
What’s included in the ultimate EV package?
Our ultimate EV package includes so much more than just your car. So what's included?
- Your brand new electric car! Choose from over 65 models
- An Ohme Home Pro Charger installed for FREE by an expert Octopus engineer
- 4,000 free miles of charge with Intelligent Octopus Go - charging at a super low rate
- If you can't charge at home, get 4,000 miles of free public charging credit with Electroverse with access to thousands of chargers with the tap of a card
- Our 5-star Trustpilot-rated EV Experts on the phone for impartial advice
Is a PCH contract cheaper than a PCP contract?
A PCP contract can come with incentives to drive costs down like interest-free finance. But as long as you stay within your agreed mileage and don’t severely damage your car, PCH is generally a cheaper alternative.
What happens at the of my contract?
It depends on your agreement, but PCH is a great option for those who want to upgrade their car every few years to a brand new version. You simply hand the car back at the end of the contract, hassle-free, and can upgrade it for the latest model. Just like most people do with their mobile phone.
The ultimate EV package
Still on the fence? Check out the cars available on our ultimate EV package.