Rupert continued;

“Since 2012, the number of buyers opting to lease their car has risen significantly. Once buyers start leasing, they tend to switch permanently. The chances of them opting to buy their next car, either outright or with a loan, is low.

“Against this backdrop, a low-cost monthly lease payment for your vehicle makes a lot of sense to more and more people. It is a trend that we can see no reason will lose momentum or reverse. Owning a car will very likely become a thing of the past for most.”

Leasing has been a popular method of funding for business drivers but now leasing deals have become even more attractive, many individuals are having a change of heart when it comes to the owning versus buying debate.

Rupert added that there would still be people who would prefer buy their cars. He said;

“There will be exceptions to the rule. Those with cash to hand will still buy but, with even a fairly run-of-the-mill family hatch easily costing £15-£20,000, there will be not too many of these.

“Others will be those with a personal bias against leasing. These will tend to be older customers who are more resistant to using the pay monthly model in general.

“Finally, there will be those who plan on keeping their car for longer than a usual three of four year lease cycle. Buyers in this category could be those who are just entering retirement.”