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Does car contract hire and leasing make sense for contractors?

The UK has long been different in some respects. Take property, for example. While swathes of continental Europeans and indeed Americans have for decades happily rented their properties, our homes very much remain our castles. It’s a similar story when it comes to cars, with over a quarter of motorists in the States leasing their vehicles.

“The UK is now fast cottoning on to why car leasing is often the financially savvy option, though”, comments Lee Wolstenholme, Director of Manchester-based Vehicle Consulting, a broker with over 12 years’ experience. “Cars depreciate the minute they are driven off forecourts, so taking out a traditional loan to buy a new vehicle typically leaves motorists with a car or van that has lost value considerably after a few years. Leasing, on the other hand, means you can simply hand the keys back at the end of the contract and the vehicle’s value isn’t yours to worry about”, Lee goes on to explain.