PCH
Personal Contract Hire — usually just called car leasing — is effectively a long-term rental: you pay an initial rental plus fixed monthly payments for two to four years, then hand the car back. You never own the car and there’s no option to buy it at the end. PCH often gives the lowest monthly cost for a new car, but mileage limits apply and ending early is expensive.
Example
A common PCH deal is “6+35”: six months’ rental upfront, then 35 monthly payments, e.g. £1,800 down and £300 a month for 10,000 miles a year.