EVs Less Popular, Average Mileage And Costs Are Down
Each month, we bring you the highlights of what we’ve seen in the car leasing market in Moneyshake’s leasing roundup.
- Most popular car was the Peugeot 3008 with 13% of all leasing enquiries
- Electric vehicle enquiries were 11% (a decrease of 2% vs last year)
- Average annual mileage was also down – 8,336 miles (down 8%)
- Car leasing got cheaper – the average monthly payment was down 8% to £311.
Peugeot 3008 Was The Most Popular Car To Lease
In September, 13% of all leasing enquiries made through Moneyshake.com were on the Peugeot 3008. We saw prices plummet on the stylish, French SUV and customers couldn’t resist it. Multiple providers pushed the price down as low as £221 per month. This competition saw the 3008 out-pace usually more popular SUVs such as the Nissan Qashqai and the Hyundai Tucson.
Electric Cars Declined In Popularity With Just 11% Of Leasing Enquiries
On 20th September 2023, the UK Government announced that the ban of petrol and diesel vehicles would be delayed to 2035. This is unlikely to have had an impact on September’s figures, but with the popularity of electric vehicles already in decline, how much further will it drop?
Electric vehicles accounted for just 11% of all leasing enquiries on Moneyshake.com – down from 13% in September 2022. The popularity of EVs started to decline when the government scrapped the grant for electric cars in June 2022. Increases in energy pricing and the general cost of living crisis will also be impacting adoption of the new technology.
Average Annual Mileage Has Decreased 8% To 8,336 Miles
The average annual mileage on enquiries for leasing on Moneyshake.com decreased by 8% to 8,336 miles in September 2023. Annual mileage has been in decline since the pandemic resulted in many people working remotely. Two years on and mileage is still declining, with no sign in sight of returning to pre-pandemic levels.
Car Leasing Monthly Payments Dropped To An Average Of £311
Despite high inflation in the UK in 2023, the average monthly car leasing payment has declined 8% to £311 (compared to last year). It’s unlikely that new cars are inflation-proof. The decline in monthly payment is more likely driven by customers tighten their belts and picking cheaper vehicles for their daily drives.
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