- PCH enquiries up 11% y-on-y
- SMMT private market up 1.6% y-on-y
- Ford Focus top of the leasing charts
- Affordability of petrol cars drives leasing demand
IS the PCH market flickering back into life? Figures from the BVRLA’s most recent broker survey for the 12 months to June 2023 show a sector in decline: down from 64% to 43% of fleet.
But we might have reached the nadir and sales to the personal leasing sector are beginning to grow.
Last month’s temperature check showed that discounts were coming back into the market and many of the deals were close to what we had been used to pre-pandemic and before the squeeze on production. A Fiat 500 for £156.25 a month anyone?
There certainly appears to be renewed interest in personal leasing. A second successive month of a hold on interest rates by the Bank of England will certainly have helped settle consumer financial jitters.
Let’s hope this holds as we enter the Christmas season, which notoriously affects PCH interest as consumer attention switches to the festive season.
Paul Harrison, chief partnerships officer at Leasing.com, offers his opinion on the October 2023 personal leasing market:
There is renewed optimism in the sector after the SMMT’s data showed a 21% increase in new car registrations in the important plate-change month of September. Both the private and fleet markets saw growth albeit on different fuel types.
Thanks to some headline offers on key vehicles, the uptick seen in September carried through to the October PCH market on Leasing.com. Strong offers from dealers and brokers on the Ford Focus, Nissan Qashqai and Volkswagen Golf provided mainstream appeal to private motorists. Our PCH enquiry volumes were up 11% compared to October 2022.
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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.
