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As Car Ownership Declines, Car Leasing Ascends

2018-10-26 09:39 Friday

Both down payments and the monthly payments for car leasing are substantially lower that for car purchases. The flexibility of leasing also ensure that consumers have access to the newest car models when renewing their contracts. For these reasons as well as others, carleasing has become the top option for many consumers, supplanting traditional car ownership.

car leasing

A comprehensive study by car trading platform  Auto Trader revealed that car ownership will almost entirely disappear within the next decade.

Mark Forton, Volkswagen Director of Mobility Services, noted: "Market trends show us that our customers are moving towards usership rather than ownership."

Lex Autolease will offer £1 million in funds to the first 1,000 customers who sign contracts to lease pure electric vehicles, beginning in January 2019. The £1,000 contribution will be available to both business and personal customers.

The leasing giant estimates that the promotion could increase the total number of pure EVs registered next year by around 8%, and will help Lex Autolease to double the size of its pure electric vehicle fleet, thereby  reducing emissions by 25 million miles over the next five years.

Tim Porter, managing director of Lex Autolease, said: "In July, the government announced its ambition that at least half of new vehicles should be ultra-low emission by 2030. Our announcement today highlights our commitment to supporting this ambition and the responsibility as the UK's leading vehicle leasing provider in helping to make a low carbon future happen."

He added: "The electric vehicle market is still relatively nascent and continues to evolve at pace. One of the key benefits of leasing an electric vehicle is that customers don't take on any of the potential risk associated with the future resale value of the vehicle. To ensure a green auto industry, enterprises like Lex Autolease should take the responsibility, and we have been working with customers for many years to help them upgrade to low emission vehicles."

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