Car lease deals have seen drivers “upgrade to a premium model” as road users are “willing to spend” money saved on cancelled holidays and reduced running costs. Experts have revealed there has been a “spike in enquiries” for models valued between 50,000 and £100,000 over lockdown.
John Wilmot, CEO and founder of LeaseLoco says expensive brands have offered “massive value” to consumers looking for a car lease.
The firm revealed the Mercedes-Benz A-Class received the most enquiries out of any model throughout lockdown.
The luxurious models are valued between £23,000 and £32,000 brand new but owners can make savings by leasing the vehicle.
The stylish Audi A4 was the second most popular vehicle with interest soaring by a massive 35 percent.
LeaseLoco found the A4 accounted for four out of ten of all Audi enquiries and almost 10 percent of all vehicle enquiries handled by the firm.
Speaking to Express.co.uk, Mr Wilmot said: “Motorists have capitalised on good deals to upgrade to a premium car since the lockdown period.
“It’s likely consumers are more willing to spend with money saved from cancelled holidays and reduced family running costs, or they’ve taken the time in lockdown to get their dream car, with a spike in enquiries on cars in the £50-£100k bracket during lockdown.
“Some excellent deals from the high-end brands recently have offered massive value to consumers when it comes to car leasing, at a time when money is tight but people are still searching for that feel-good factor.
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“Brits remain wary of public transport and the risk of coronavirus, while families are taking to the road for a staycation instead of a flight abroad this year, driving an increase in demand for these cars.”
But LeaseLoco has revealed the success of the A4 may have been driven by a special offer.
The deal saw drivers pay just £2,478 upfront and £189 per month to secure the top model.
This deal ensures drivers can secure a car worth over £35,000 for just over £7,000 across two years.
LeaseLoco warns that drivers could secure the top model for around the same price as a budget car purchased on a PCP finance deal.
They say road users who aimed to secure a PCP deal for the same price would only be able to get a Ford Fiesta model which can cost around £229 per month or £8,000 over three years.
LeaseLoco also revealed that the Land Rover Range Sport and Volkswagen T-Roc were also popular models among consumers.
The Audi e-tron supercar was also popular and was the fifth most enquired model during the lockdown.
Experts at Buyacar.co.uk have also reported customers were treating themselves to more expensive cars as restrictions begin to rise.
They revealed average prices for models they have sold have reached £15,000 in record prices for the firm.
Christopher Lloyd, Editor of Buyacar.co.uk said: “What is interesting about the prices our customers are paying is that it reflects their appetite to spend more on a car rather than higher prices being forced on them by the market.
“Despite the availability of many more budget-friendly options, which are still guaranteed and protected to exactly the same level as the more expensive cars we sell, it’s clear that our buyers are determined to treat themselves to a little extra.”
Published at Thu, 13 Aug 2020 14:13:02 +0000