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Owning a car could be a thing of the past, as consumers prefer to pay for goods and services on a monthly basis, making leasing a car a more attractive option.
That's according to vehicle data expert Glass's, which said more and more drivers are now leasing as opposed to buying a car outright, thanks to the attractiveness of leasing deals - which has always been popular among business drivers, partly because car makers want to keep factories operating at near-capacity.
Glass's claimed that since 2012 the number of buyers who chose to lease cars has risen significantly, after leasing their first vehicle. The vehicle data provider said buyers tend to switch to leasing cars permanently, and the chances of a 'leaser' buying a car, either outright or with a loan is low.
"Consumers, especially the younger, 'direct debit generation' has become accustomed to buying a large range of often high-priced products and services on a pay monthly basis. Phones are the obvious example but there are many other sectors where this is now prevalent - from software to medical insurance and entertainment. Why not cars?" said Rupert Pontin, head of valuations at Glass's.
However, Pontin said there may be some who would prefer to buy a car, such as those with cash to hand and those "with a personal bias against leasing", and those who plan on keeping their car for longer than the normal three or four year lease cycle.
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