Drivers looking to lease cars are increasingly opting for premium brands ahead of mainstream ones, research by Hippo Leasing has found.
Analysis of the company’s internal data found that in 2018, Mercedes-Benz was the brand which received the largest number of total enquiries (15.4%), knocking Vauxhall off the top spot.
In second place was BMW (10.2%), while the most popular leased cars were the Mercedes-Benz A-Class, Mercedes-Benz B-Class and Land Rover Range Rover.
Hippo Leasing’s analysis also found that the 25-34 age group is the most interested in vehicle leasing contracts, representing 27.6% of all visitors to the company’s website.
Drivers aged 65 and above are the fastest growing customer segment, with their share of total inquiries more than doubling in three years, from 3.6% in 2016 to 7.3% in 2018.
Tom Preston, managing director of Hippo Leasing, said: “It’s really interesting to visualise how wider trends - such as an ageing population, technology use and consumer spending - are impacting the UK car leasing industry.
“The age of online retail and next day delivery is also changing customers’ expectations, meaning leasing companies must aim to deliver new vehicles quickly and efficiently.
“To keep up, Hippo Motor Group recently invested in its first car transporter truck, giving us the ability to deliver vehicles in as little as 48 hours.
“Looking forward, 2019 is set to be a challenging year with Brexit on the horizon but one thing is for certain though, as an industry, we’re in the strongest possible position to weather the storm."