- New car offers continue to stimulate PCH demand
- Searches for PCH up 11 percentage points to 54% on Leasing.com comparison site
- Average rental continues at 24 months/5,000 miles but rental decreases to £313 a month from £321 in September
- Nissan remains most popular brand
THE personal car market continues to struggle with the latest SMMT stats showing private demand down 12% as Ford and Vauxhall continue to substantially underperform.
But the same narrative is not being played out on Leasing.com. The leasing deal aggregator website has seen another month of growing interest in the leasing deals posted on its sites from partner leasing brokers.
It suggests private individuals are browsing with intent to find a good deal – and there are plenty of them at the moment: under £150 a month for a Nissan Leaf, for example; a Toyota Prius for £169; or a BMW 2 Series from £257 a month.
“The strong demand for personal leasing offers recorded since the summer continued into October as consumers looked to take advantage of the plethora of new car offers in the market. Despite the SMMT’s statistics showing a 6% decline in total new car registrations last month, our data showed a 54% increase in new car PCH sales enquiries compared to October 2023.”
The bulk of demand was focused around SUV models. Leasing.com reported that the Nissan Juke was the most popular vehicle based on total PCH enquiry volumes, followed by the Hyundai Tucson and the Vauxhall Corsa in third.
Most enquiries centred around a two-year term with an annual mileage allowance of 5,000; the average requested monthly rental was £313 per month, a drop from the previous month’s £321.
Market watch special: Nissan Juke
Nissan’s small SUV has always been popular with private leasing customers but the strength of broker-led offers during the October market period meant that the Juke went to number one in Leasing.com’s popularity league table. Rentals started from just £145 per month.
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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.
