Fleets ‘wasting thousands’ by failing to compare lease deals
By Kyle Lindsay
Friday, February 21, 2014 - 13:00
WASTE: Ford Transit Custom has 52% variance
Fleets are wasting thousands of pounds on leased cars and vans by failing to regularly compare prices and terms, new figures have revealed.
Quotes recently obtained by CompareMyFleet.com, across a wide selection of vehicles, contract lengths and mileages, show a shocking variation on monthly rates of up to 52%.
On average, monthly vehicle cost varies by 27% – meaning a fleet of 50 vehicles could be costing an incredible £48,600 per year more than necessary.
Mark Pritchard, Director of CompareMyFleet.com, said: “Clearly it’s not just about price – and we take care to make sure our clients are aware of the key terms so that they find the right supplier for their needs – but these price differences show why companies must compare the market.”
The CompareMyFleet.com research also revealed that no single contract hire and leasing company were consistently either the cheapest or the most expensive.
Across the basket of quotes, excluding maintenance, there was at least a 9% difference between the highest and lowest monthly rental rate.
The most shocking difference in terms of lowest and highest monthly lease rates (52%) was on a Ford Transit Custom 270 SWB, costing £286.98 – £436.32.
Indeed, the average quote (£349.89) was still 18% above the lowest.
CompareMyFleet.com also uncovered a massive £108.61 (49%) a month rate difference on a Ford Focus 1.6 TDCi Edge 5dr manual on a two year/50,000-mile contract.
Figures showed that even the average rate (£286.44) across the quotes obtained was 23% higher than the cheapest (£220.13).
Opting to lease the Focus from the contract hire company quoting the lowest rate would save a fleet £2,606.64 over the operating period.
A BMW 116d Sport five-door automatic, meanwhile, was a whopping 35% (£281.50-£379.36) over three years/60,000 miles, with even the average rate (£337.75) being 17% higher than the lowest.
This equates to the customer saving more than £3,500 over the operating life of the car by selecting the lowest monthly rental.
“The vehicle leasing market is extremely complex in terms of selecting the right vehicle and the right services at the right price, while also taking into account discounts and rebates available,” added Mr Pritchard.
“Our clients are consistently amazed at the wide range of lease rates being quoted by major leasing companies for what is the identical car or van.”