Rise in leasing deals illustrates buyer shifts
Car buyers are more interested in getting the most bang for their buck over actual ownership of their vehicle as new figures show a rise in leasing deals.
Data published by the Finance and Leasing Association indicates a 41% rise in new car leasing and a 10% jump in Personal Car Purchase during April, which together make up 70% of the finance provide for new cars.
Paul Harrison, Head of Motor Finance, says the figures prove that car buying behaviour is changing.
“Motorists looking for a new model do not always want to be tied into an agreement to buy,” he commented.
“Currently, the most popular dealer finance options involve renting the car for the duration of the contract, and deciding at the end whether to buy it, trade it in, or hand it back to the dealer.
“Economic conditions also mean many people are choosing shorter-term contracts to help them keep greater control of their budgets, and ensure that their financial commitments reflect their personal circumstances.”
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