Sunday, 16 May 2021

Leasing customers looking short-term

RESEARCH by car leasing comparison website Moneyshake shows a surge in the number of people interested in getting a new car with lower mileage terms and for fewer years.

This shift in consumer behaviour has been driven by the past 12 months of coronavirus lockdowns and continued uncertainty.

The key findings were:

Enquiries on the shortest lease contract (24 months) have doubled in the last six months.

Enquiries on 5,000 annual mileage contracts have increased from five per cent to 35 per cent in the last six months.

Moneyshake CEO Eben Lovatt said: “We’ve seen a dramatic shift in the market with more people working from home due to the pandemic and travel restrictions meaning car use in general is down.

“A surge in demand for lower mileage contracts and short-term agreements speaks to underpinning customer confidence in today’s climate.”

At the same time, Moneyshake has seen a huge uptake in electric cars.

In their recent customer survey, they revealed that 85 per cent of new car buyers are now considering buying an EV (electric vehicle) for the first time.

This increasing desire for EVs has emerged as many of the objections to EVs — such as high asking prices and a lack of charging infrastructure — are being quashed by the day.

There are also more electric car charging stations in the UK now than there are petrol stations — another encouraging sign for nationwide uptake.

Finally, with a ban on new petrol and diesel cars being brought forward to 2030, a national spike in the uptake of electric cars over the next decade is only natural.