‘Gen Lease’: Two-thirds of young drivers looking to lease their next car

The popularity of car leasing is surging among young Brits according to new research by technology-enabled sustainable energy company GRIDSERVE.

The research reveals that over two-thirds (69%) of 18-24-year-olds want to lease their next car to enjoy benefits like lower costs, and the ability to try out new vehicles every few years. Over 38% of those aged 35 and over are considering the practice, but the younger generation proves to be the driving force behind the leasing popularity surge.

Younger generations are more likely overall to value flexibility with 35% of those aged 18-34 being drawn to car leasing due to its flexibility, compared to just 22% of those over 55.

Despite younger drivers being the most keen on subscription-based models and leasing, the freedom to try out new makes and models when leasing is popular among all age groups, with 39% of UK adults drawn in by the ability to change cars every few years.

The cost benefits of leasing also make it an attractive prospect, with 43% of UK adults being drawn in by minimal maintenance costs. Other popular pros of car leasing include not needing to worry about depreciating value (40%), lower monthly payments (34%), and being able to access cars that would otherwise be unaffordable (36%).

Sustainability was also significant for many, with 19% of UK adults drawn to leasing by its environmental benefits, such as its ability to offer easy access to electric vehicles. Leasing also allows drivers to access newer, more efficient vehicles, further reducing their environmental impact. Those aged 18 to 25 are even more likely to consider sustainability, with 23% listing it as a benefit of leasing.

However, the research also revealed that more than 12% of Brits are not aware of what car leasing is. Despite the surge in popularity of car leasing amongst younger individuals, older people are the most familiar with car leasing with 92% of over 55s understanding the concept.

Rob Buckland, Chief Leasing Officer at GRIDSERVE, said, “It’s great to see the increasing popularity of car leasing amongst younger people, with many being drawn in by its benefits to the environment. Car leasing is a great way to provide people, especially young drivers, with cars such as electric vehicles that they may not be able to access otherwise.”

“There’s never been a better time to take advantage of the benefits of leasing to go electric. Every GRIDSERVE lease includes three months of charging included to be used at over 170 locations on the Electric Highway, making electric vehicle charging easier than ever.”

Notes to Editors / Methodology

GRIDSERVE commissioned One Poll to interview 2,000 UK adults between 25 October and 1 November 2023.