Email spearheads contact preference for UK personal lease deals

{JLinkedShare}: Written by Tom Seymour; Published: 31 July 2018; Created: 31 July 2018

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UK vehicle leasing marketplace, contracthireandleasing.com, has seen a 44% increase year-on-year in email enquiries for personal lease deals during the first six months of this year.

The company's statistics also show that Monday lunchtime (12-2pm) is a peak time for consumers making email enquiries.

Paul Harrison, head of strategic partnerships at contracthireandleasing.com, said: “The growth in email enquiries is a clear sign consumers want to find car finance on their terms using email and other forms of electronic messaging, which gives them more control over the conversation and when they communicate.”

Figures from the Finance & Leasing Association (FLA) show personal contract hire (PCH) continued to outperform hire purchase (HP) this year, making it the second most popular finance product for new car consumers after personal contract purchase (PCP).

The most popular rental profile on the marketplace between January and June 2018 was three months’ advance rentals with a 36-month term (3+35), indicating a noticeable shift away from last year’s most popular payment profile – nine months’ advance rental over a 24-month term (9+23).

This means consumers are keener than ever to take advantage of the increasing number of low-initial payment lease deals that are available, instead spreading the cost over a longer contract length.

Harrison said: “Although the traditional 9+23 payment model remains popular, the increasing flexibility of lower deposits allows personal contract hire customers to tailor agreements to suit their needs better than ever before, which at the moment is lower upfront costs.”

“This trend is likely to accelerate as more brokers and dealers start to offer PCH agreements with one-month initial rentals.”

Premium German cars continue to dominate the leasing market, with Mercedes-Benz, Volkswagen and Audi making up the top three most popular brands respectively.

This premium focus meant that the average list price of a vehicle enquired about through contrachireandleasing.com was £33,762 in the first half of 2018.

Harrison said: “Demand for premium German car brands in the leasing market remains strong, largely thanks to attractive monthly rates that make these cars accessible to consumers and as a result help manufacturers grow their market share.”

Top 10 most enquired about brands during H1 2018