Move Over Buying, Leasing Is In: Survey Finds New Interest Among UAE High-Income Earners
In Abu Dhabi and Al Ain, a shift in automotive acquisition preferences has been highlighted through a recent survey conducted by Audi. The findings show a notable trend among high-income earners towards vehicles instead of purchasing them. This is particularly evident among individuals with monthly incomes exceeding Dh40,000, where 97% are familiar with leasing, and nearly 40% show a preference for leasing over buying to satisfy their short-term mobility needs.
The survey sheds light on various reasons behind the growing interest in leasing. About 16% of respondents choose to lease for short-term usage, while 20% opt for leasing to gain financial flexibility, especially when considering high-end electric vehicles (EVs) and luxury cars. Furthermore, 21% are drawn to leasing for its ability to circumvent high down payments and provide fixed monthly payments, thus avoiding the uncertainties of fluctuating interest rates. Despite these benefits, a majority (57%) still favor ownership, valuing long-term benefits and the prospect of reselling their vehicle at a good price in the future.
Scott Shears, General Manager of Audi Abu Dhabi and Al Ain, provided insight into the evolving landscape, stating, "As the automotive industry evolves, so do the preferences of car buyers. Leasing is an excellent way for customers to experience the latest in automotive technology without the high upfront costs and long-term commitments associated with ownership. As reflected in our survey, the high-income demographic represents a key audience for leasing programmes offered by premium brands. Our leasing plans are designed to offer flexibility and convenience, ensuring that more people can enjoy the benefits of driving a premium Audi."
Audi Abu Dhabi and Al Ain have responded to this growing penchant for leasing with attractive offers on a variety of models, including two premium electric vehicles – the Audi Q8 e-tron and e-tron GT. The Audi Q8 e-tron is available for a 36-month lease at Dh5,799 per month, which encompasses service and maintenance, insurance, registration, and a complimentary home charger with installation. The Audi e-tron GT is offered on a 24-month lease at Dh7,850 per month, inclusive of similar benefits. Additionally, leasing plans for the Audi A5 start from Dh3,600 per month, and for the Audi Q5, from Dh3,650 per month, making premium vehicles more accessible to a broader audience.
This trend towards leasing over purchasing is indicative of a broader shift in consumer preferences, reflecting a desire for flexibility, financial prudence, and an appetite for experiencing the latest in vehicle technology without the full commitment of ownership. It underscores a significant transformation in the automotive market, catering to the evolving demands of high-income earners in the region.
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