CONSUMERS looking for a new car during the Coronavirus pandemic don’t want to put large sums of money down and are opting for lease deals with lower initial payments, according to new research from Leasing.com.
In the six months between 23 March and 23 September 2020, inquiries on two-year lease deals with a one-month initial payment are up 98% year on year, while three-year deal enquiries are up 80%, and four-year deal enquiries are up 114% over 2019.
Paul Harrison, Head of Strategic Partners at Leasing.com, said: “Our advertising partners have seen a dramatic rise in enquiries via our marketplace on low initial payment lease deals since the lockdown was announced on 23 March.”
“During these difficult times, many consumers are reviewing their outgoings and trying to maintain their savings for the months ahead. In the new car sector, this has led to a spike in demand for lower upfront payments from consumers who are new to leasing and the appeal of fixed-cost motoring as well as consumers getting into their next lease.
“We’re investing in a number of website changes that will help consumers and our advertising partners respond to these changing market trends.”
Although consumers are looking to reduce their initial payments, premium vehicles available at affordable rates remain extremely popular. The most popular car to lease during September 2020 was the Volvo XC40, followed by the Mercedes-Benz A-Class and then the Audi A3.
Top 10 personal lease enquiries for September 2020:
- Volvo XC40
- Mercedes-Benz A-Class
- Audi A3
- Volkswagen Golf
- Mercedes-Benz GLB
- Range Rover Evoque
- Tesla Model 3
- Nissan Qashqai
- Mini Hatchback
- Mercedes-Benz C-Class
