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Top 8 Car Leasing Trends of 2019

Titli Farooqi May 23, 2019
Like other industries, the car leasing market is changing quickly as well. Standard solutions are no more the norm, as more customers now seek feasible and flexible solutions. Let us further know about the car leasing trends for 2019.

1. Private Leasing

This year, both electric and private car leasing will continue to be a prevalent trend, globally. The demand for full-service operational leasing is expected to grow.

In the United States and Canada, private leasing is increasing as the youth prefers this form of leasing because of its fixed mobility costs and simple, stress-free usage.

2. SME Leasing

Over the years, fleet leasing has switched from large businesses to small and medium enterprises (SMEs). SME leasing suggests an incredible potential of over 27 million cars.

What’s more? Leasing companies have started to invest in the units which direct their focus on leasing solutions for the SME sector.
This year, lease companies will continue to target SME customers via online channels, customization, and leveraging digitization.

3. OEMs and EV Leasing

Consumers who are conscious about the environment and planet are opting for electric vehicles to reduce their carbon trail. With the passage of time, as the demand is expected to rise, leasing would be the one go-to option to access electric vehicles.
For one, EV cars depreciate quicker than their internal combustion engine (ICE) counterparts. Also, they help consumers in avoiding the risks of lower resale value. With the help of leasing, one gets a chance to change their EVs more often and revamp their lifestyle.
New EVs are getting launched every other day with sleek and sophisticated features. Electric Vehicle Leasing, whether it is regular EVs or hybrid EVs, is expected to grow immensely this year.
If you want to save money on buying an EV, you could get yourself a car lease from QuitALease.com. This way, you get to drive your dream EV without spending too much money. One can find the best lease takeover deals there.

4. Giving Old Cars a New Lease

Used cars have transformed into a big business for the leasing market and are expected to grow this year. Several leading lease companies are renewing old cars’ lease and breathing a new life into them. In the U.S. and Europe, the bulk of used cars come from the lease or rental companies.
Also, lease companies ensure that no maintenance issues come up with these cars using predictive maintenance technologies.

5. IFRS 16 Implementation

The International Financing Reporting Standards (IFRS) 16 is going to impact the market by creating a burden on the customers of operational lease. An operational lease will be considered an asset and would be accounted for in the customer’s income statement and his balance sheet.
Lease companies are teaming up with audit firms so that customers are able to make a smooth transition.

6. Subscription Services

Apart from private leasing and car sharing, subscription services are gradually becoming another popular trend in the leasing industry.

Subscription services have the ability to lure away the company car users and, the new mobility solutions are heading towards the fleet industry now.

7. Digitization

New innovations and technologies are transforming the world of vehicle leasing. To offer cost-effective and instant services to customers, lease companies would keep on leverage digitization. And Blockchain technology is going to be an integral component of this transformation.

8. Car-subscription services

Subscription-based mobility services have grown in the last few years and attract customers towards their flexibility and simplicity. Customers have the option of on-demand services quite similar to Netflix and that, too, without a long-term commitment.
Customers can change their cards according to their requirement or pay different amounts according to their car type.
The year 2019 is going to be an exciting year for the fleet vehicle leasing market as many new services and products have emerged along with business models, which lead to growth opportunities.
If you are interested in car leasing, you could begin with QuitALease. It is a great platform to connect the car lease sellers with potential buyers for swapping leases. Just sign up, and you would easily find buyers who would want to continue your car lease.