How good the contract hire rates are really varies model to model. Two cars in the same price rang can be £100s different in their monthly rates.
For example, look at this £43k car...
http://www.ama-southeast.co.uk/process. ... l&id=25626
The problem you've hit on Liam is that any car that doesn't come loaded needs speccing and when I enquired about that with the company that leases to my business partner they simply took the price of the option (sat nav, metallic paint etc) and divided it by however many months there were in the lease - effectively you're buying the options but have to give them up at the end of the term. This wasn't a problem for me on the Zed as there aren't many options and they threw in the paint.
So the moral is, there are leasing bargains to be had but you need to hunt around and not be too picky on model and choose something which is well specced as standard.
As you might imagine, run out models can be great value - just look at the R32s available at £260 a month!
Its worth mentioning too that for sole traders/partnerships contract hire is the most tax beneficial option and you can claim back half the VAT on the payments.
Oh and a PCP has the option of purchasing the car outright at the end of the deal, contract hire doesn't.