Used by businesses as a viable alternative to regular funding methods, a PCP allows the driver to own the vehicle while benefiting from tax efficiencies. The vehicle is financed through a credit sale agreement between the driver and the car finance company. The drivers' employer pays the driver a monthly allowance, which relates to the employee level and their choice of car. Taking this allowance together with the personal tax savings, as well as utilising Inland Revenue approved business mileage allowances, provides the driver with a net monthly budget. As the foundation for Employee Car Ownership (ECO) schemes is a direct contract between the leasing company and the driver, there are no corporate accounting regulations to follow.
The models of MG listed below show cars available for car finance: