How Do I Lease a Bike Using Contract Hire?
Contract hires are leasing methods and not a way of financing a bike purchase. It’s a great way of owning a bike with affordable monthly payments, but you won’t actually own the vehicle at any stage of the contract hire.
However, servicing and maintenance costs can be included in the payments that you make. You might also be limited to how much you can use the bike with a mileage limit that is agreed upon in your contract. The upside to this is that a lower annual mileage limit could reduce the cost of the monthly payments, but going over could incur extra charges.
- Lower monthly costs
- No depreciation worries
- Access to brand-new bikes every few years
- Predictable monthly payments
- Can include servicing and maintenance
- You’re stuck with the bike until the contract expires unless you pay an exit fee
- The deposit can be fairly substantial
- You won’t own the bike at the end of the lease
- Mileage limitations can be hard to work around
- Miss a monthly payment and the bike must be returned