More Millennials are Leasing Cars

Date: 3 OCT 2016posted by Car Rentaledited by WinX

The market demand for rental cars or short term car leasing is increasing. It has become more apparent that the advantages of leasing and car rentals are more favored by millennials. Although car ownership provides long-term financial benefits, it is an immediate long-term commitment; leasing offers flexibility, which allows this generation to be able to make decisions where they are not tied down to financial assets. Leased cars are usually new so they save a lot of money on serious repairs or maintenance costs. And after the lease is up, they are able to lease a new model without the problems of owning a second car. In the past year, the industry saw a record number of millennials leasing a car in order to allow time to get financially settled before making a purchase on a vehicle. A 2015 study showed millennials leasing cars was up 46% over the previous five years, and the same study showed millennials accounted for 29% of the market.

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