A Challenging February
Nationwide Vehicle Contracts
Affordable car and van leasing deals from the experts.
Hello everyone! Welcome to the second edition of the Monthly Automotive Roundup, where car leasing experts Nationwide Vehicle Contracts provide insight into the automotive industry.
In February's edition, we'll look at:
As always, if you're looking for a new motor, be sure to check out Nationwide Vehicle Contracts. We're one of the UK's largest car and van leasing brokers, offering a range of affordable deals to suit your every need.
We also provide a range of services. Our Fast Lease service comes with delivery within 4-6 weeks (lead times can vary), and our Used Car Leasing service offers affordable deals on fantastic ex-lease cars.
Check out our leasing deals or contact us on 0345 811 9595.
The Increase in Car Insurance Rates
It seems like everything is going up in price at the minute, and car insurance premiums are no exception.
According to money-saving expert Martin Lewis, car insurance is up more than 50% on last year, with the average premium now costing over £1,000 a year.
Insurers claim rises are down to increased repair costs, the effect of inflation, and more being paid out when cars are written off.
The most affected are young drivers. They've faced a steeper increase year-on-year after the pandemic. According to NimbleFins, the average premium for cheap comprehensive cover for an 18-year-old driver was £1,752 per year.
So, what can you do to reduce premiums? Here's our best advice:
If you're looking for more information on car insurance for lease cars, check out our blog, Navigating Insurance for Leased Cars: A Comprehensive Consumer Guide.
Aston Martin Reveals Three New Sports Cars
Described by Aston as the 'three new jewels in the crown of high performance', February saw the unveiling of the AMR24 Formula 1®, Vantage, and Vantage GT3. I wish Aston did this every month!
Let's start with the AMR24 Formula 1®. The first car to be designed and built at Aston's state-of-the-art AMR Technology Campus, the 2024 challenger has various new features, including chassis design, nose, front wing, front suspension, and rear suspension.
It reaches speeds of 220mph and weighs just 798kg (including driver, excluding fuel).
Next is the Vantage, a quintessential Aston Martin sports car and the fastest driver-focused Vantage in Aston's history. A front-engined, rear-wheel drive sports car, the Vantage uses a 4.0-litre V8 twin-turbo engine that generates 665PS and 800Nm of torque.
It tops out at 202mph, shoots from 0-60mph in just 3.4 seconds, and features a state-of-the-art infotainment system.
Finally, we have the Vantage GT3, which spearheads a new era for Aston in top-flight GT racing. The first collaboration between Aston Martin Racing and Aston Martin Performance Technologies, the Vantage GT3 has re-worked aerodynamics and a revised suspension.
Powered by a 4.0-litre V8 engine, the Vantage GT3 will contest the FIA World Endurance Championship, IMSA WeatherTech SportsCar Championship and the Fanatec GT World Challenge.
Recommended by LinkedIn
The UK Government to Increase Rollout of EV Charge Points
Electric vehicle (EV) charge points are the focal point of fresh measures announced by the Department for Transport. The latest phase of the 'Plan for Drivers' includes grants for schools, cash for councils, and new proposals to boost charge point numbers.
There's also a new grant that covers up to 75% of the cost to buy and install charge points, up to £2,500 per socket, an increase from the previous £350.
Covered by the Department for Transport, the grant forms part of the Workplace Charging Scheme and is available for state-funded schools, colleges, nurseries, and academies to boost the charge point facilities for staff and visitors.
The update also gave an update on the Local Electric Vehicle Infrastructure (LEVI) fund, a £381 million project. The first capital payments for charging projects have been approved by three local authorities and two London boroughs.
If you want to read the full rundown of the next phase of the 'Plan for Drivers’, check it out on the Government website.
Car of the Month - Ford Puma
In my opinion, the Ford Puma is one of the most underrated cars in the UK. It doesn't get anywhere near the hype of other cars, and I simply don't know why. Justice for the Puma!
The Puma was the top-selling car of 2023 in the UK, with just under 50,000 registrations, and received a facelift in February to ensure its longevity.
Ford describes the new Puma as 'cool, calm and connected', and we'd say this is a pretty good description.
The new Puma is powered by a 1.0-litre EcoBoost Hybrid engine that uses 48-volt mild hybrid electric power that provides up to 155PS, while an ST version is available with up to 170PS. Both engines are fantastic to drive and are extremely efficient, both around town and at higher speeds.
Inside, the Puma has a driver-oriented cabin with loads of tech as standard. You get a pair of touchscreen displays, SYNC 4 connectivity, built-in Alexa, and various driver-assistance technologies.
It's also versatile and can be used as both a city car and a family car. There's more than enough space inside for a family, but the compact dimensions mean the Puma isn't too big to fit down a tight driveway. The boot also has an 80-litre storage compartment below the floor.
Final Thoughts
February was an okay month for the automotive industry. If I were to rank it on a scale of 1-10, it would get a 5.
We saw three new Aston Martin cars, which is always a bonus, and the Government announced fresh measures to help accelerate the rollout of EV charge points. However, only time will tell how successful this will be.
The main cloud looming over the industry for February was the hike in car insurance premiums. They're up more than 50% compared to last year, which is threatening the number of people who are financially able to drive.
Have you been impacted by the increase in insurance premiums? Let us know down below.
That's it for this month.
If you're looking for a new car, get in touch with car leasing experts Nationwide Vehicle Contracts, and we'll be happy to help.
See you in March!