Jun 04, 2009
Fleets opt for used vehicles to cut costs
A significant number of fleets are shunning new vehicles and buying used instead
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2009 BUDGET NEWS 22/04/09
HELP FOR BUSINESSES
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NEW CAR SCRAPPAGE SCHEME
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2009 BUDGET NEWS - 22/04/09
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Hilton Accident Management goes live!
If you have been involved in a road traffic accident that was not your fault, Hilton Accident Management can help you avoid losing time and money.
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Hilton Motor Group - Budget 2008 Tax Guide
Chancellor Alistair Darling delivered this year’s Budget speech on 12 March.
We have analysed and summarised the implications of this year’s announcement for fleets and company car drivers.
Mar 02, 2008
Hilton Smart Repairs Website goes live
The first stage of the new Hilton Smart Repairs Website is now live ......
Fleets opt for used vehicles to cut costs
According to figures from the Finance and Leasing Association (FLA) some £179 million has already been lent to companies in the first quarter of this year to acquire used vehicles for business-use. Last year, close to £900m was lent to businesses to buy used vehicles, while the year before that the figure topped £1bn for the first time. Hilton Vehicle Leasing has seen an increase in customers looking more closely at their options when choosing their next car which has sparked a recent upward trend. “We have seen a big increase in used car leasing deals, especially since the latter half of 2008,” said Managing Director Morgan Devereux". He said there are benefits for fleets leasing used cars, including immediate availability and significant cost-savings. “Additionally used cars are often taken on shorter lease terms, meaning that the fleet has a short-term solution if they are unsure of their vehicle needs or funds.” However, with used car prices rising, the cost advantages of leasing used cars is slowly diminishing “This has meant that new car leasing is now back in the ascendancy; with only a few competitive used car deals now available,” said Morgan. “Although manufacturers provide significant incentives to fleets on new cars, used car leasing can still work out cheaper is some circumstances.” Typically, leased used cars tend to be around 12 months old, so are still covered by warranty, and have covered below 15,000 miles. The country’s traditional used car sellers are also seeing interest. While there’s no hard and fast evidence that a greater number of businesses are buying used vehicles during these recessionary times, it is a believable assumption. As the credit crunch began to impact on the amount companies could borrow, so the amount lent to them to acquire used vehicles to renew their fleets has also dropped. For fleets sourcing a small number of vehicles the used market can be an option if for whatever reason they don’t want to buy new or lease. Cost is clearly the prime motivator, but it can also be choice. Please contcat us for further details on our great offers.