Motorists opt to Rent Instead of buy a car

LONDON, November 23, 2011 -

New research shows that the number of car buyers looking to rent their next vehicle is at an all-time high, as cash-strapped motorists look to save money on their motoring costs.

The research, from carleasingplus.co.uk, a new website offering instant contract hire and leasing packages, reveals that a third of UK car buyers are considering leasing their next new or used car. The research also reveals that the largest appetite for leasing is amongst consumers aged 25-34, with 39 per cent saying they are considering leasing their next new or used car. 

The research also reveals:

• Consumers in the South East are more likely to lease a car (36 per cent)
• Consumers in East Midlands, who are least likely to lease a car (7 per cent)
• There is a huge appetite for petrol cars (76 per cent) amongst motorists
• Diesel demand is just 17 per cent and only 13 per cent of motorists are opting for a green car
• 80 per cent of car buyers are not delaying getting a new or used car for 3-6 months
• One in ten motorists are downsizing to a smaller car
• For nearly a third of motorists, MPG, Co2 emissions and the cost of insurance are the most important considerations in their next car purchase.

Shaun Armstrong, Managing Director of carleasingplus.co.uk comments: “For many consumers, getting a new car by leasing is better financially in the long run, than buying.  Leasing allows consumers to keep their capital in their bank and enjoy fixed costs each month.  As US oil baron Paul Getty said, ‘If it appreciates, buy it. If it depreciates, lease it’.

“For the typical, non-business motorist who’s thinking medium to long term, leasing makes more financial sense than buying and owning.   To help consumers find the best contract hire or leasing package to suit their budget, carleasing.co.uk offers an instant decision from a wide panel of contract hire and leasing providers - the first of its kind in the UK.  Our new website also provides a unique online calculator, where consumers can input the deposit amount, monthly repayments and the term to see how much a given car will cost across a range of finance options.”

For further information, please visit www.carleasingplus.co.uk.

Please add - Karen Hughes, The Drum Consultancy, t: +44-(0)20-7025-8044, e: karenh at thedrumconsultancy.co.uk