H. Yoo
Research expert covering South Korea
Car financing and leasing in the United Kingdom - statistics and facts
Car loans, personal contract purchase (PCP) agreements, leasing, renting, and even car sharing are the main options available for drivers to get their hands on a vehicle in the United Kingdom. Each of those alternatives has different benefits and drawbacks. Generally, car loans and PCPs are the most popular choices. But with the price of buying a new car in the UK increasing at a fast pace in the past few years, some people are getting interested in leasing, either as a way to avoid down payments or because, on some occasions, the monthly payments are lower. Meanwhile, the number of car-sharing users in the UK reached two million in 2023, as it is a fitting solution for drivers that only need to use a car occasionally.
