The best replacement for contract hire is leasing.

The best alternatives to contract hire are rated as following:
★★★★★  leasing
★★★★★  pcp
★★★★  finance lease
★★  lease purchase
★  hire purchase
★  outright purchase
★  operating lease
  car leasing
  hire

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Google Trends

Scale is based on the average worldwide traffic of contract hire in all years. Click on graph for more.
contract hire
leasing
pcp