Consumers looking to acquire a new or used vehicle are now in a sticky situation, worsened further by the cost-of-living crisis. While the associated costs of purchasing a new vehicle are known to be higher, the gap is now closing with the price of used vehicles also surging.
The demand for used vehicles surged during the Covid-19 pandemic, inflating prices. Whilst a global shortage in materials such as copper, aluminium and cobalt has seen the slowing of production lines for new vehicles. Where demand for vehicles has increased 9% year-on-year, this has been matched by a 12% reduction in availability, creating a market imbalance.
Alternatives to purchasing
With new vehicles in short supply and used vehicles being subject to inflated prices, many consumers and businesses are looking at alternative options.
One of these options is a vehicle leasing scheme, where a lease agreement over a set term is taken on, with a fixed monthly payment. This provides businesses or individuals with a new or nearly new vehicle of their choosing. Monthly costs remain the same over the term and are often cheaper than loans or finance options associated with owning a vehicle.
New vehicles for business use
Businesses do well to ensure that their vehicles are the latest on the market, with all of the associated tech benefits of having newer model cars or vans. It provides a good business image and ensures that they stand out against competitors.
van leasing Bristol is a great way of having access to a new vehicle, without the associated costs of purchasing one outright. Choose between a variety of models, prices, and lease terms for vehicles suitable for business use. Van leasing in Bristol is quick and easy to arrange and competitive in price.
It is essential in the longer term that there is a supply of newer vehicles readily available to consumers so that outdated, less efficient vehicles are replaced with cleaner models. Having access to newer lease vehicles ensures that cleaner models are on the roads without the hefty price tag of buying.