German brands drove November’s demand for PCH on comparison website ContractHireAndLeasing.com, amid contract hire’s overtake of HP in the wider car market.
Retailers and brokers advertising on the website said the most commonly selected consumer payment profiles was a nine month’s deposit with a 23-month term. Nine of the most-enquired about models were from Audi, Volkswagen, Mercedes-Benz and BMW.
ContractHireAndLeasing.com said the higher contract hire demand they experienced was in line with wider market trends. The company said that Finance & Leasing Association figures had shown PCH sales consistently outperforming HP over the last six months, becoming the second-most popular finance product for consumer new cars behind PCP.
Paul Harrison, head of strategic partnerships at ContractHireAndLeasing.com, said: “Our November data shows continued demand from consumers for the prestige German car brands and demonstrates how personal leasing is enabling consumers to access their ideal next car. We’ve seen personal leasing enquiries increase by 15% year-on-year on our marketplace.
“The FLA’s motor finance statistics show how new car consumers have turned their back on HP in favour of personal leasing, and I’m hearing from both manufacturers and retailers that leasing is central to their plans for the coming years.
“The shift away from HP yet again underlines how consumers are now looking for cost-effective mobility and not car ownership.”