Car Leasing Is Booming With Older Drivers

Date Posted 13th November 2018
Read Time 2 min read
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An ageing population means the over 65s now have huge buying power as a consumer group, so the motoring industry is sitting up and taking note.

The latest DVLA data shows since 2012, the number of over 60s with a full UK driving licence has increased by 16.64 per cent (or 1.7 million more licence holders) to approximately 11.7 million people today.

 

Year No. of UK drivers over 60 YoY % difference
2012 10,071,370
2013 10,334,444 +2.6%
2014 10,392,698 +0.6%
2015 10,818,892 +4.1%
2016 10,916,280 +0.9%
2017 11,568,765 +6.0%
2018 11,747,383 +1.5%

 

By 2066, the Office for National Statistics predicts the over 65s will make up over a quarter of the UK’s population. That’s 20.4 million people.

This got us thinking here at Hippo Leasing, so we’ve analysed our internal enquiry data from the past three years to see which age groups are searching the most for personal car leasing deals.

Interestingly, the results show leasing enquiries from the two oldest age groups – 55-64 and 65+ – have grown exponentially over the past three years, up 200 and 388 per cent respectively.

 

2016 2017 2018 2016-2018
Age Group % of Enquiries % of Enquiries % of Enquiries % Difference
18-24 14.70 13.18 8.87 -12.05%
25-34 34.67 34.40 28.73 +21.8%
35-44 26.14 26.49 24.99 +40.9%
45-54 17.45 16.46 20.77 +73.0%
55-64 5.26 6.91 10.72 +200%
65+ 1.78 2.57 5.90 +388%

 

This is in sharp comparison to the 18-24 age group which saw a drop of 12.05 per cent in enquiries, suggesting young drivers prefer purchasing their first car.

Across all other age groups, leasing enquiries have grown steadily year-on-year, supporting the latest findings from the BVRLA that the personal car leasing sector is booming, up 14 per cent in the past year alone.

No matter your age, Hippo Leasing offers affordable lease deals on new and used cars and vans. Get in touch to discuss your leasing needs – chat with us, call us on 01254 956 666 or email info@hippoleasing.co.uk