How Popular is Car Leasing in the UK?

Indisputably, many car companies have been using car leasing options for years now. In Europe, total market value increased from a whopping 2.6 to 4.0 million, over just the 5 years’ time. It shows the increasing demand for car leasing in Europe, especially the UK for the past few decades. According to Data force reporters, purchasers from the European side are more likely opting for the car leasing option rather than buying a brand-new car.

Nowadays, any individual could easily get a leased car, due to the heightened demand of its buyers. Marketers have begun to launch more updated and cheapest car leasing in the UK for several years. If you are searching for both premium quality, innovative cars available at an economical price then it’s your best chance. Avail it now!

How Does Car Leasing Work?

Car leasing is a process where a financial company or car agency rents a car to a buyer/lessee for about three to four years maximum. In this period, an individual needs to properly take care of the car in terms of no ‘wear and tear’, engine leakage, or any detriment to a car in the form of avoiding accidents. 

Leasing a car is more effective for many people as an individual could give money in a form of installments instead of paying a full sum of money at a time. Similarly, larger monthly rental payments, smaller initial deposit, paying less monthly, or putting down a bigger deposit is an entire choice of a lessee. After choosing the car, undergoing a documentation process an individual is given car keys to drive his/her car.

Why do People Prefer Car Leasing (in the UK)?

There are many benefits of car leasing in the UK, which instigates many to go for it. 

• A lessee does not pay for the extra maintenance fees, instead, they are responsible to pay for a monthly sum of money. 

• With no obvious bank-bursting purchase, a lessee drives a top-of-the-range car for lower monthly fees.

• You can drive the latest and most updated car without fully buying the car, just pay the lease as required.

• A leased car isn’t yours to sell at the end, so there is no risk of depreciation.

• After your contract runs out, an individual could upgrade to a new model car.

• You can buy a leased car without a bank loan at hand.

• You can swap to the latest model with all the tech updates every few years, with no worries about battery life diminishing, in case you choose the electric car, you would be able to take fuller advantage of rapidly excelling technology.

• The initial fee is low.

• Anyone with a low income can afford a leased car. 

How Popular is Car Leasing (in the UK)?

1.6million people are now choosing to lease rather than buy, in the United Kingdom, as the latest industry stats suggest. Alone in 2021 in the UK, a significant amount of UK adults will choose a leased car rather than purchasing a car, with 21% of the population under 18 years of age. As estimated that 5 million vehicles on Britain’s roads today are leased - 1.9 million of those being individual, or personal, contracts, which according to the British Vehicle Rental and Leasing Association (BVRLA) as quoted in the Financial Times, leasing grew by 14% in 2019. So, day by day the amount and number of people who are buying leased cars are on a rise.

Final Words

Leasing a car is quite popular in the UK even today. No wonder looking at the benefits of car leasing many people are prompted to go for it rather than putting their money once and for all into buying a brand-new car!