Apparently car consumers know a good deal when they see one and 2015 has been no exception. The first half of the year has been driven largely by high residual value and low interest rates combined with loosening credit and aggressive marketing techniques, meaning that new-car leasing is at an all-time high. As a matter of fact, car leasing now accounts for 20 per cent of all new-vehicle’s hitting the UK’s roads, a big leap up of 15 per cent from last year.
It should come as no surprise then that the average lease payments are also taking a hit, going down by around 10 per cent year on year. Although this number might seem high, remember that most luxury cars are on lease contracts rather than being bought outright, but budget models are indeed creeping up in this market. Automotive manufacturers are spreading their cut-price lease deals across a broader range of models, so you can now lease budget models for less than £90 a month – cheaper than some mobile phone contracts!
Leasing does help the manufacturers though, as after contracts are up, customers are likely return for the latest models and loyalty scheme deals. Still, for the low prices, you can see why lease vehicle providers are having their hands bitten off by customers eager for the latest models on rolling competitive pricing schemes.
More people are driving than ever before
Vertu Lease Cars have put together some of the vehicles with the lowest monthly lease costs based on three or four year contracts. It’s worth nothing that lease terms and prices are widely affected by the trim level of each model vehicle and amount of down payment. The deals here are more or less on the same basic level with similar annual mileage, trim spec and down payment. As you might imagine, being the cheapest models doesn’t offer too much in the way of luxury, however you’ll be surprised of what less than £100 can get you – they certainly beat an old banger.
Citroen C1
Citroen C1
From £78 per month
An ever-popular model on Britain’s road, the plucky French-designed C1 is a stylish modern car with great fuel efficiency. Combined with low emissions, this Citroen is bursting with personality and is easy to drive. Ease of parking hits the right notes for urbanites here as it features a rear camera, essential for tight city spaces and reversing into tight spots. Inside it’s elegant and anything but cheap, despite the lease price. Coming with a funky dashboard, 6 airbags and an ESC system, helping keeping drivers safe in icy conditions or if the road surface is unstable where grip is reduced.
Ford Ka
Ford Ka
From £104 per month
The Ka is Ford’s most popular budget model and it’s easy to see why. Being fun to drive, safe and economical, its sleek lines make the Ka a real head turner. Coming with fantastic mileage across the range, you can definitely live a frugal, yet free motoring life with this little run-around.
Renault Twingo
Renault Twingo
From £110 per month
Renault’s nippy little 70 HP baby is ever popular amongst the financially savvy. Their “Go anywhere, go everywhere,” philosophy is one of the reasons you can get a car that does it all. Their latest Twingo model saves in every way. Every way you want it to save that is. Its refined interior is surprisingly roomy and the trim is just right. It’s modest, yet fun.
Money saving comes with the driver in mind with fuel saving stop and start technology, turning the engine off when stopped and firing up again when the clutch is let up – eco-friendly and economical. A real hit. Mimicking the other models, the Twingo comes with a reversing camera so it’ll fit into the most snug of places with ease.
Fiat 500
Fiat 500
From £96 per month
The most compact of the Fiat range, the 500 model still packs a lot into its cutesy frame. A blend of classic design with a modern twist, Fiat hits the right notes with this model. Again, economical on the highway and on the urban commute, you’ll be saving at every turn.
So, if it’s time for a new vehicle in your life, you might want to consider leasing. It’s what 25 per cent of British road users are doing. If your phone contract is running up to £100, it might be time to switch that iPhone to an i10.
