Volvo sees increase in leasing deals
* Personal contract hire up 66% * Similarity to purchase of mobile phones * Volvo's leasing business as a whole is up...
Volvo has reported a 66% spike in leasing sales during October, as more drivers choose to rent rather than own a car.
Leasing has traditionally been a favourite of businesses, but private motorists are now turning to it as an affordable, flexible way to run a new car. Volvo said that in October, more than a quarter of its lease sales were to private individuals.
'We are seeing a mentality similar to that of paying a monthly rental for a phone and upgrading over a one- to two-year basis. This funding method is particularly attractive in the current climate because it makes budgeting easy,' said Tony Grice, Volvo UK's training and field manager.