Drivers swayed by short-term benefits

Almost a third of British motorists are more reluctant to replace their existing car by committing to a long-term lease than they were 12 months ago.

Research by mobility provider SOGO found that only 14% of drivers would be more likely to commit to a long-term financial lease to fund their next vehicle than a year ago, while 37% said short-term leases are more beneficial because of the financial flexibility offered.

Meanwhile, 30% believe short-term leasing will speed up the process towards net zero by removing older cars from the car parc quicker, while 43% believe it offers cost benefits as drivers are not be tied to an older car that may require costly repairs.

Karl Howkins, managing director of SOGO, said: “Analysis of recent car trends indicates that not everybody needs their car as much as they used to, especially with more people working remotely or from home becoming more commonplace in the workplace. Considering a short-term flexible lease offers a great alternative to longer leases. With the ban on petrol and diesel cars coming in 2030, a shorter lease deal on a new, environmentally friendly and cheap-to-run car offers huge appeal.”