A personal contract plan (PCP) is a type of employee car ownership scheme that allows an employer either wholly or partially to sacrifice the responsibility for the company car and offers employees the opportunity to have a vehicle under similar conditions to the company car.
Under a personal contract plan, the employee agrees to make payments over a period of time to finance a car. At the end of the period, the employee can either start a new plan or buy the car. Some agreements include vehicle maintenance and insurance costs.
