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Consumers are now looking for longer car lease terms now than they were a year ago.
Lease terms have risen from an average of 24 months in H1 2020 to 48 months in H1 2021, according to data from Leasing.com.
It said this could be due to motorists looking to keep their monthly outgoings as low as possible.
A key trend in the personal leasing market so far this year has been the growing popularity of volume brands at the expense of their premium counterparts.
Mercedes Benz now has no models in Leasing.com’s top 10. The top three cars for the first half of the year – the Audi A3, Vauxhall Corsa and Volkswagen Golf – are all smaller hatchbacks.
This is in stark contrast to the top three in H1 of 2020: Mercedes Benz A-Class, Nissan Qashqai and the Range Rover Evoque.
It said this trend is the result of motorists being more conservative in their spending to better manage their financial commitments in the pandemic.
The global chip shortage continues to impact the manufacturing of new cars. The shortage has impacted the leasing market.
Ongoing production delays have resulted in consumers opting for pre-built, in-stock models.
Dave Timmis, managing director of Leasing.com, said: “We are seeing that, while people are leasing for longer and opting for more affordable makes and models, they are not willing to wait for the semiconductor shortage to disappear, instead seeking out in-stock, pre-built models.”