Older motorists favouring car leasing
Recent analysis by Hippo Leasing has revealed a growing number of older motorists are favouring car leasing over purchasing.
According to DVLA data, the over 60s make up a significant proportion of the UK’s driving population (approximately 11.7 million people) and this number is set to continue growing as the nation’s population ages.
In fact, since 2012 the number of over 60s with a full UK driving license has increased by 16.64%, equating to nearly 1.7 million more license holders.
Surprisingly, DVLA data also shows there are currently nearly 300 people over the age of 100 who hold full UK driving licenses. This figure has almost doubled from 162 people in 2012.
So, when it comes to finding a car, which do older drivers prefer – purchasing or leasing?
Hippo Leasing has also analysed internal enquiry data to uncover the demographics of car leasing, to see which age groups favour leasing instead of buying a car outright.
Interestingly, the results show leasing enquiries from the two oldest age groups – 55-64 and 65+ – have grown exponentially over the past three years, up 200% and 388% respectively.
This is in sharp comparison to the 18-24 age group which saw a drop of 12.05% in enquiries, suggesting young drivers prefer purchasing their first car.
Across all other age groups, leasing enquiries have grown steadily year-on-year, supporting the latest findings from the BVRLA that the personal car leasing sector is booming, up 14% in the past year alone.