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What is Personal Contract Purchase?

Personal Contract Purchase (PCP) is a type of finance agreement that offers reduced monthly payments, as a final fee needs to be paid before you own your chosen car. This is one of three options you have once the contract ends, which gives you the flexibility to decide what happens next at that moment in time, not at the start of the plan.

How Personal Contract Purchase works

Like a Hire Purchase plan, PCP involves paying a deposit followed by a monthly fee over a period that is typically between 24 and 48 months. It differs because a final amount, known as the guaranteed future value or optional final payment, is paid at the end of the contract before you own the car. As this sum is left until the end, you essentially pay off part of the car’s value monthly, which lowers the size of the repayments.

At the end of the agreement you have three options:

  • Pay the optional final payment and own the car
  • Swap your car for a new model and sign up for a new PCP agreement
  • Give the car back and pay nothing more.

Is Personal Contract Purchase right for me?

Choose PCP if you want lower monthly payments and prefer to keep your options open until the end of the plan. This agreement is also right for you if you want to upgrade to the latest model frequently.

Benefits of Personal Contract Purchase

  • Low monthly repayments
  • Freedom to choose what happens to your car at the end of the plan
  • Option to upgrade to the latest model more often.

Personal Contract Purchase agreements and Duff Morgan

We will make the process as simple as possible when you enquire with the Duff Morgan team to arrange a PCP agreement. A specialist financial adviser will start by understanding your budget before designing a PCP plan with repayments that match your monthly limit. They can also recommend which of our new or used SEAT, Citroën or DS models is within your budget and right for your motoring requirements.

Make an enquiry online or call your nearest Duff Morgan dealership for more details on PCP and whether it is right for you.