In a context of recovery in car sales, rising inflation, increases in interest rates and geopolitical issues that could impact the sale of vehicles, car leasing, especially for individuals, becomes an option to have. access to a car, beyond owning it through a loan.

In an interview, Roberto Esparza, director of the firm BitCarindicated that in a scenario where people must take care of their economy, car leasing provides the option of accessing a vehicle without the need to decapitalize with down payments, as happens with financing.

“We are in a market in which there is a pro-ownership thinking on the subject of vehicles, regarding use, but there is a natural evolution of the market from owners to users… There is an interesting trend called ‘vehicle as a service’, which has to do with the usability of the car and not so much with possession,” Esparza said.

A few months ago was the presentation of BitCartechnology leasing firm (leasetech) automotive specialized in the attention of natural persons and that has the support of the TIP firm, specialized in corporate automotive rental.

For Esparza, although credit is the predominant method to access a vehicle, due to current conditions the leasing market may be a favorable option. “The current conditions generate a lot of uncertainty when buying something, because if it is done with credit, the rates are increasing, with rising inflation and it translates into the devaluation of your asset, which is the vehicle. In this scenario, it gives rise to say ‘I prefer to rent and try'”.

Little by little it advances

According to data from the Mexican Association of Automotive Dealers (AMDA), leasing represented 4.8% of total vehicle purchases during the first half of 2022, when in the same period of 2021 said percentage was 4 percent.

For Esparza, although there is a dominance of financing from both captive finance companies and banks, leasing has good growth prospects to reach the levels of countries such as the United States, where its participation is between 25% and 30%.

“The beauty of leasing is that you don’t need a hitch to access a vehicle,” Esparza stressed.

Currently, BitCar offers a 100% technological process for leasing a light vehicle for which the monthly rent can start at 5,000 pesos. “We do not ask for down payments, there is no paperwork, everything is online, the monthly payment is much more accessible and you have associated services in the vehicle in which you do not worry about being aware of maintaining your car.

The products of this firm, which have contracts of up to 48 months, are not available for use on mobility platforms, nor for legal entities. “You can define this monthly payment from the beginning of the term to make it accessible and rather it is a product that adapts to your lifestyle and your payment capabilities and that is a benefit that we have on the platform.”

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