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Is a Personal Contract Hire the answer for millennial drivers?

At a recent BVRLA industry conference, the issue of younger drivers was brought up. Broadly referred to as the ‘millennial generation’, it’s fair to say that the issue of car ownership for those aged between 18-35 is a tough one thanks to them braving years of a financial climate still in recovery from the last recession.

Millennials across the UK, the US and Japan are the first generation in modern memory that are set to be worse off than their parents according to a recent study. Wages have fallen by 43% for millennials; in the UK alone, wages are struggling to grow alongside inflation despite a recent rise in interest rates, limiting the buying potential of younger demographics.

Something that didn’t go unnoticed at the BVRLA conference. “The millennial segment doesn’t care about the fancy, professional stuff. They care about something that is easily understandable in their language and is flexible,” said Magdalena Wochnik, senior product leader at Jaguar Land Rover subsidiary InMotion.

“They get bored because new cars come out constantly,” she added. “There are emotional aspects around ‘I just fancy a new car’.”

With a lack of financial opportunity and room to manoeuvre at their disposal combined with the desire to not lock themselves into car ownership for the foreseeable future, younger drivers could find the solution for their needs within an affordable, bespoke Personal Contract Hire (PCH) agreement that works for them and their budget.

Why should millennials consider PCH?

PCH not only ticks a lot of boxes for millennials, but is also a fantastic option for everybody to consider whenever they want to access a new car. Drivers’ buying habits are evolving fast, and PCH is becoming a more popular option than ever before thanks to the personal flexibility it offers to people’s lives, including:

1: Greater choice for lower fees

A PCH agreement is typically far more affordable than purchasing a car outright depending on your wants, needs and budget. With prices generally lower through PCH, it can be a great option for drivers who want a car but worry over the financial aspects. It also opens the market up to them; there are a huge range of cars available to drivers through PCH that may normally be out of their reach.

2: A newer model on a regular basis

PCH can be perfect for drivers who don’t want to tie themselves down to a specific make, model or manufacturer. Drivers return their car at the end of their PCH contract, with the non-committal nature of the agreement allowing them to simply choose another car at the end of the agreement if terms have been met and they wish to consider an alternative option.

3: Modifications and maintenance included

Additional fees are something that can hit drivers hard when they buy a new car, which can be especially daunting if they’re feeling the squeeze financially. LeaseCars4Less is able to provide drivers with modifications to their car and maintenance packages as part of their lease to provide them with a better bespoke service for their needs and budget.

Find out more about getting a Personal Contract Hire for you – whatever your age – by contacting LeaseCars4Less’ expert team on 03456 43 25 43.

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Posted on 27th November 2017 at 10:25 AM

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