The increase in interest in operating leasing services is related to a change in customer behavior. In addition, savings are possible.
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Czech households are increasingly using operational leasing to finance new cars. While the year before, its share in financing new cars was only 10%, last year it rose to 28.2%. This follows from the annual reports of the Czech Leasing and Finance Association.
At the same time, the interest in operational leasing continues to grow this year as well. According to current data from the multinational consulting company Ernst & Young, the interest of domestic drivers in financing a new car with an operating lease (13%) has already surpassed financial leasing (11%).
The difference between these types of leasing is the fact that while the financial client gradually repays the car in fixed installments and after its repayment becomes its owner instead of the leasing company, the operating one is de facto long-term lease. Therefore, in this case, the client pays the leasing company regular monthly installments, and after the agreed period, the car is returned to the leasing company, which then handles its sale. The customer therefore uses the car without the right to its ownership, after the expiration of the time limit he can rent another car again.
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Operative leasing has been popular with companies for a long time, but in recent years it has also been increasingly preferred by non-entrepreneurs. For them, this possibility gradually expanded after 2014, until then, operating leasing was, with some exceptions, a matter for companies. Specifically, at Arval, which provides cars for operating leases, private individuals and small companies increased the demand for new cars by 80% last year. In 2020, in the case of this leasing company, they signed a long-term lease of every eighth car.
“Operating leasing is definitely no longer just a matter for companies. More and more often, we are approached by private people who want to have a car available to them according to the motto of the millennials ‘Have less, live more’ and at the same time save money for further life experiences, “says Jiří Solucev from Arval.
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The increase in interest in operational leasing is part of changes in customer behavior. In recent years, companies have noticed a trend where customers are increasingly beginning to see the car as a service and do not need to physically own it, as has been a phenomenon in the past.
In addition, with several years of use, it is possible to save money when purchasing a car for an operating lease. “Operating leases are up to a quarter cheaper than, for example, flexible leasing of the same model. The installment of the same car when financed by a loan reaches 1.5 times the installment for an operating lease, “says Solucev.
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Usually, lower installments for operating leases than for finance leases are related to the fact that the entire acquisition value of a given vehicle is not broken down into installments, but only the difference between the acquisition and residual price is reflected in them. In addition, it also includes compulsory liability or accident insurance.
On the other hand, the disadvantage of operating leasing is the determination of the maximum foreclosure, which for some clients is usually lower. There is also a limited number of people who can drive a car under an operating lease, usually only to family members. In the case of operating leasing, the specification of the given car was also fixed. That is already changing today, but an individually specified car can make the monthly payment more expensive. If you then get used to the car and decide to buy it afterwards, you will usually see a higher price tag due to the higher residual value.
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