UK residents admit they are deterred by the current unstable political climate when it comes to making big purchases, as they opt to lease cars, rent houses, and subscribe to services instead of wanting to commit outright, new research reveals.
Leading vehicle leasing company, Leasing Options has surveyed the nation’s motorists to gain an insight into their financial decisions, whilst working with The British Leasing and Rental Association (BVRLA) to identify why so many are opting to pay monthly for products and services.
When it comes to shelling out the cash for a big purchase such as a house or a new car, 40% of those surveyed admitted that the current unstable political climate is deterring them from going through with the purchase. Therefore, it is no surprise that more than half (53%) declared that they currently pay monthly instead for between 4 and 7 products and services^.
Findings from BVRLA’s 2015 Car Rental survey showed that car ownership is highest in rural areas (90%) and lowest for renters in London (42%) and other major cities and their suburbs (56%).
The top reasons behind the decision to lease a vehicle identified by UK motorists were to be able to get a new car frequently (40%) and only being able to afford monthly payments (36%).