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Lower mileage leasing deals are becoming more popular according to figures from Leasing.com.
17% of all personal leasing inquiries at Leasing.com are in regard to 5,000-mile per annum lease deals.
The estimated average annual mileage per car in England has decreased, as the number of cars per household has risen.
Mileage has fallen 17% from around 9,200 miles in 2002 to 7,600 miles in 2018. For petrol cars, the average mileage was 6,600 miles in 2018.
Paul Harrison, head of strategic partnerships at Leasing.com, said: “In-market consumers always look to keep the costs of their next new car to a minimum and the introduction of annual 5,000 mileage deals allows them to strike the right balance between affordability and desirability, especially if it’s a second or third car in the household.
“The distance travelled by drivers has consistently fallen over the last two decades. For those who travel fewer miles than the national average, leasing is a fantastic funding choice because the lower the mileage, the higher the cars residual value will be – a crucial factor when it comes to monthly lease rates.”
“However, all drivers should carefully consider their anticipated annual mileage. Excess mileage charges are often around 7p–8p per mile but can be higher.
“Going over your allocated mileage by 3,000 miles, for example, could cost you several hundred pounds in charges at the end of the contract.”
Annual mileage profiles as a percentage of all enquiries during August
- 5,000 miles: 17%
- 8,000 miles: 29%
- 10,000 miles: 34%
- 12,000 miles: 7%
- 15,000 miles or more: 13%.