At Castlegar Hyundai, 25% of our customers in August leased their new vehicles, signaling a major shift to this method of ownership.
In the past, almost all of our customers would finance or pay cash. Today, interest in leasing in growing based on two important factors. One, there is much more information available today on the terms and benefits of leasing. It is easier to understand and customers are much more comfortable with it. Second, Hyundai recently launched its own leasing division, which means we can offer much improved leasing programs to our clients.
But there also some broad trends at play. Many people now realize that there vehicle needs will change every few years. For example, you may have kids in sports now, which means you need cargo and extra passenger room. But in four or five years, those kids will be out of the house and independent, so a smaller vehicle will be a better fit. Or perhaps you are getting ready to enjoy retirement and you would like the certainty and security of driving a new vehicle under warranty that requires only basic maintenance. With vehicle needs changing typically every four to five years for most drivers, leasing allows you to address those changes by putting you in a stronger position financially to make those necessary changes. Leasing is all about having additional options and choice.
We also serve a segment of customers that understand how the technology in vehicles is changing rapidly. Driver safety technology is advancing quickly, for example. By leasing, these drivers are able to change vehicles more often and stay current with the latest technology and features in today's vehicles.
Here at Castlegar Hyundai, we are careful to work closely with our customers to find the vehicle best suited to their needs and wants. And we present several options for ownership to make an informed choice.