New car leasers seek shorter contracts and lower mileage terms

New research undertaken by car leasing comparison website Moneyshake has shown a surge in the number of people showing interest in getting a new car with lower mileage terms, for fewer years. This shift in consumer behaviour is no doubt driven by 12 months of coronavirus lockdowns and continued uncertainty.

Leasing

Moneyshake CEO, Eben Lovatt

The key statistics they found were:

  • Enquiries on the shortest lease contract (24 months) have doubled in the last six months.
  • Enquiries on 5,000 annual mileage contracts have increased from 5% to 35% in the last six months.

Moneyshake CEO, Eben Lovatt, commented: “We’ve seen a dramatic shift in the market with more people working from home due to the pandemic and travel restrictions meaning cars use in general is down. A surge in demand for lower mileage contracts and short-term agreements speaks to underpinning customer confidence in today’s climate. In light of these trends, the business continues to develop products that empower customers to streamline their options and get the best deal. This allows us to guarantee customer confidence when making complicated transactions.”

Alongside this trend, Moneyshake has also seen a huge uptake in electric cars. In their recent customer survey, they revealed that 85% of new car buyers are now considering an electric car for their next vehicle.

This increasing desire for EVs (electric vehicles) can be explained by a number of factors. Namely, a lot of the stigma around EVs – high asking prices and a lack of charging infrastructure, for example – are being quashed by the day. Manufacturers continue to release competitively priced models that have a decent range. There are also more electric car charging stations in the UK now than there are petrol stations – another encouraging sign for nationwide uptake. Finally, with a ban on new petrol and diesel cars being brought forward to 2030, a national spike in uptake of electric cars over the next decade is only natural.

Moneyshake, which launched its website back in 2019, uses digital solutions to get people the very best car lease deals from the UK’s top providers. Following a successful Q1 in 2021 whereby the business achieved a +110% revenue growth year-on-year, the business is set to deliver pioneering technology that will further simplify major purchase decisions.

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