Leasing has become very popular in recent years and this is for good reason because it can bring so many perks to motorists, especially those that like the idea of driving new, high-class vehicles every few years. As with any industry, times change though which means that consumer expectations are not what they were, particularly when you factor in the pandemic. So, what do consumers expect from today’s leasing market?
Leasing Defined
First, it is worth outlining exactly what personal car leasing is and why it can benefit a motorist. Leasing a vehicle is, essentially, a long-term rental where monthly payments are made and then the motorist returns the vehicle at the end of the agreement (allowing them to take out a new lease on a newer car). In terms of benefits, this means that they can drive a brand new car every few years (which has many benefits in itself), they do not have to worry about depreciation and the monthly costs can be more affordable than a hire purchase deal.
Changes in Consumer Habits
Consumer habits have changed in recent times and now there are different expectations to only a few years ago. In today’s day and age, motorists expect low monthly payments and flexible arrangements along with clear quotations so that they can accurately work out how much they will be paying each month.
Motorists also expect cars to be available quickly and a great variety to be available – this is because leasing is an attractive option to every type of motorist, meaning that different categories are in demand. Aftercare is another important element of leasing in today’s day and age with regular contact throughout the term of the lease, which would allow a motorist to easily flag up any issues and discuss options when the agreement ends so that there is a seamless transition into a new lease.
What to Expect From Leasing Companies
Leasing companies have had to adapt the way they operate due to changing consumer demands but also due to the pandemic. Physical premises visits are falling which means that leasing companies are having to provide digital services, plus paperwork is now mainly digital and handshakes to seal the deal are being replaced by e-signature technology.
Leasing is a great option for motorists and can bring a wide range of benefits both financial and personal, but it is also important to be aware that the industry has changed due to consumer habits and, of course, the impact of the pandemic.
