The Cupra Formentor has seen growth of 110% in enquiries on the Leasing.com platform, taking it to fourth place on the company’s April league table.
The Formentor – Cupra’s flagship model – started the year in 22nd place on the platform’s league table, and now sits in first place for the first half of May.
Cupra is the former SEAT performance arm spun off into its own brand. Similar spin-off brands have been seen before, such as Citroen and DS, but few have seen as much immediate success. Leasing.com said that Cupra has recognised the growing importance of leasing as key to boosting wheels on the road and brand awareness for the Formentor, the marque’s first standalone model.
Tactical rollouts saw cost-effective lease-only deals on the entry-level model, which were followed by deals on the upper level V2 and then the VZ. The investments made by Cupra and SEAT clearly point to the growing emphasis manufacturers are placing on the personal leasing market.
The Mercedes-Benz A-Class was only the tenth most popular car to lease in April after topping Leasing.com’s league table in 2020.
Elsewhere, the Volvo XC40 slipped a few places in the top 10 to eighth. Volvo is set for an electric reset this year following the announcement of several new EVs. Volvo’s Recharge XC40, a compact eSUV, was launched earlier this year and pre-orders are set to open for the new C40 Recharge crossover in the coming weeks.
Volvo is not alone in its renewed focus on EVs within the leasing market. Hyundai and Volkswagen have both put more focus on the EV leasing market, with the former taking the UK’s leasing EV crown from Tesla last month.
Paul Harrison, Leasing.com head of strategic partnerships, said: “Cupra’s rapid ascension up the league tables is impressive.
“The Formentor is the brand’s first standalone vehicle and is a fast, compact SUV at a good price. Now more than ever, customers are looking for value for money and the Formentor is currently a cost-effective choice, thanks to the investments Cupra is injecting into the leasing market, making it one of the best deals available.”
Across the remainder of league tables positions, the top 10 remains relatively stable with Volkswagen and Audi continuing to lock out the top two spots and Land Rover and BMW swapping places whilst Ford gain traction. However, with all six manufacturers set to debut new EVs within the next 12 months, Leasing.com believes that positions could fluctuate in a similar fashion to Volvo, as combustion engines drop out of favour and leasing becomes a more affordable way to drive an EV.
Top 10 car manufacturers:
- Land Rover
Top 10 personal enquiries:
- Vauxhall Corsa
- Audi A3
- Volkswagen Tiguan
- Cupra Formentor
- Volkswagen Golf
- Skoda Kamiq
- Range Rover Evoque
- Volvo XC40
- Nissan Qashqai
- Mercedes-Benz A-Class