The car leasing industry is experiencing a rapid rate of recovery following the automotive industry’s collapse during the coronavirus pandemic.
Since mid-May, when it was announced that vehicle deliveries and collections could commence, Leasing.com says year-on-year enquiry levels have returned to those of 2019.
On one day in May, enquiry levels were up 812% from the lowest point of lockdown.
Society of Motor Manufacturers and Traders (SMMT) data revealed that the new car market declined 97.3% during April’s lockdown, with news of an 89% registrations decline during May following last week.
Electric vehicles have been of particular interest to buyers, with enquiries increasing 148% over the same period last year.
Prior to the Coronavirus pandemic, electric vehicle leasing proved to be outperforming the wider new car market by nearly double, with enticing deals on the new Renault Zoe and the Tesla Model 3 continuing to catch the public imagination.
This move towards electric vehicles during the Coronavirus pandemic is not just confined to leasing, with SMMT data revealing the Tesla Model 3 became the best-selling car in the UK for the month of May. This resulted in battery electric vehicles being the only segment to grow in the new car market for the month.
Volvo has seen a surge in interest, selling out most of its in-stock deals over the course of the month.
Dave Timmis, managing director of Leasing.com, said: “Volvo utilised all the tools we provide to their fullest potential. In one example, an enquiry was sent to them at 6:15pm and within the hour finance was approved and the vehicle was ordered. Customers love that kind of convenience and simplicity Leasing.com offers.”