A PRESENTATION by Paul Harrison highlighted the changes in leasing trends, particularly in the personal leasing sector.
Paul, the head of partnerships at Leasing.com and sponsor of the BVRLA Leasing Broker Conference (21 June 2023), highlighted the behavioural changes between 2020 – when the COVID-19 pandemic caused lockdown – through to 2023.
Leasing trend changes in the PCH market
2020
Nine months advance rentals
35 month term
5000 miles pa
£321 per month
2023
Nine months advance rentals
37 month term
10,000 miles pa
£361 per month (+12%)
“As you can see, terms have extended from 35 to 47 months as consumers wanted stability and to keep rentals low. Meanwhile mileage has increased now that lockdown is no longer a factor,” explained Paul.
He also said that one of the biggest changes over the three years was the move to SUV type of vehicle. “The list of cars from 2020 bears little resemblance to the list of cars in 2023,” he said.
Turning to the BCH market, the biggest changes were to the advance rentals and to the 20% increase in rental costs, which Paul put down to the move into EVs.
Leasing trend changes in the BCH market
2020
3 months advance rentals
35 month term
10,000 miles pa
£380+VAT per month
2023
9 months advance rentals
35 month term
10,000 miles pa
£456+VAT per month (+20%)
In terms of new facilities on the leasing aggregator site, Paul said data now included EV range and delivery times, while enquiry and leasing apis were to follow soon.
Broker News Newsletter 30 April 2024
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
