Nice your wrong.
It is not renting as VAT is not charged on the monthly payment. With a PCP the payment you make every month is a repayment and you can if you want purchase or re finance the final payment. The Vat is paid up front on the price of the bike.
In a Leasing agreement (renting) VAT is calculated on the monthly rental for the life of the agreement and the finance company who own the vehicle, claims back the full VAT chargeable on the sale price. You also cannot own the vehicle at the end.
Renting it or hiring it call it what you will. You'll only own it when you make the final payment and if you don't, you've been renting it



