A couple of years ago we were all told that millennials are more eco-friendly, with more and more apparently opting to get around by bikes, busses and other means of public transport. It however has now become apparent that this is not the case – Although a rising number of younger people are opting to use public transport, the reason in which the number of these people purchasing cars has really dropped, is because more millennials than ever before are choosing to lease luxury cars. In fact, there has been a phenomenal 46% increase in millennials leasing cars over the last five years.
Although millennials may not appear to be as materialistic as previous generations, if there is one thing that they do seem to want – it’s a great set of wheels! Because of this leasing appears to be a much more attractive, and likely option than purchasing, with some of the benefits including the following:
Car leasing allows for younger people to access modern, luxury vehicles that they otherwise would not be able to afford. In many cases, it can be those with less money choosing to lease vehicles, as they believe that through leasing, although faced with monthly costs they do not have to purchase an old and unhealthy vehicle that is likely going to need to be repaired constantly. It isn’t all about money either, leasing a modern and up-to-date car can allow for people to portray a better self-image and in some cases assist in enabling people to further themselves – providing them with better job opportunities, business connections and much, much more.
If there is one thing that we know for sure about millennials – it is that they have a passion for technology. Technology is forever changing and therefore it rapidly becomes outdated – leaving people with models that are not the most-up-to-date and missing modern aspects. Leasing provides these people with a great alternative to purchasing as it allows for them to constantly drive new vehicles without even having to worry about re-sale value. Did you know that the average age of cars on today’s roads is 11 years, whereas when leasing cars, people typically only have the same one vehicle for a maximum of 5 years before upgrading?
What do you think? Whether you are a millennial or not we would love to hear your opinion!