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How to Contract Hire a Car

How to Contract Hire a Car

It’s a common dream: you drive into a car dealership. You hand over the keys to the clunker you’ve been rattling around in for years. You sign a few papers, and you drive out of the dealership in a shiny, brand-new, never-before-driven car.

And immediately lose thousands of dollars.

Cars are one of the biggest drains on money in existence. Not only does the depreciation begin the instant you drive off the lot, but it continues for years. You have to constantly funnel more money into it for gas, oil, maintenance, and repairs. It is literally impossible to even recover the money you spent on the car when you go to sell it later. You’re lucky if you can even get a miserable ten percent of what you originally paid for it.

So why go through the hassle? Why subject yourself to this constant loss, this eternal drain on your bank account? Why indeed, when you could be contract hiring your car instead?

To contract hire a car is somewhat like renting a car, but it’s designed for long-term use and is more cost-effective than a simple rental. When you contract hire a car, that car becomes yours for the entire term of the lease. After a small down payment, you will pay a relatively low monthly fee – a pittance when compared to the thousands of dollars required for down payments on a new car and the exorbitant interest rates charged by car dealerships. Once you make the agreement and drive the car off the lot, that car is yours to use for business or personal purposes for one, two, or three years, depending on which type of lease you get.

So instead of losing thousands of dollars the instant you drive the car home, you can rest in the assurance that you are getting exactly what you paid for, with no great losses in cash flow in the end. When you contract hire a car, it gives you the freedom and flexibility to get where you need to go without worrying about hefty monthly payments being stretched out by elevated interest rates. Not only that, but you have the chance to try out a variety of vehicles instead of being forced to drive the same vehicle year after year – every one, two, or three years you have the opportunity to change what you’re driving for something completely new, with absolutely no extra costs or losses on your part.

The process starts when you find a rental company that also offers cars for contract hire. Literally thousands of cars or vans are available, from the more popular models to the more obscure. When you find the right vehicle to fit your lifestyle, you can request an official quote from the company. This will vary depending on whether you intend to get a one, two, or three year contract. There is also some flexibility in the mileage cap. Ten thousand miles per year is the average, but if you know that you will need more than that, you can discuss it with the agent in the company so they can create the right contract for you. After you’ve agreed on a price, you simply fill out the documents and return them to the company for a fast and painless credit check, just like is required for any car purchase or rental. Once you’ve passed the check and put down your down payment, you will soon be driving away in a brand new car – a brand new car that is yours for the term of the lease and will not lose you money like a purchased car will.

Houses and cars are the two biggest purchases that people make. Houses have a chance of increasing in value, turning a profit for the owner. But cars do nothing but depreciate, losing more and more money with every passing year. So why bother – especially when the affordable, simple, and cost-effective option of contract hiring is available to you?

Photo courtesy of The Pug Father.

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