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SIMILAR TO HOMEOWNERSHIP, AMERICANS AVOID COMMITMENT ON CARS
Swapalease.com Nationwide Study Shows Stronger Pay-As-You-Go Mentality
CINCINNATI, OHIO (September 5, 2012)
A larger percentage of drivers today prefer extremely short lease contracts, a trend that mirrors a national housing market that also sees more renters compared with long-term owners. A national study by car-lease firm Swapalease.com found that 42% of lease drivers prefer contracts no longer than two years.
As the pioneers of car lease swapping, the company has studied vehicle lease trends since its inception in 1997. During that time, company experts have seen the consumer preference for lease terms shorten significantly. In fact, 72% of write-ins for the nationwide study were from drivers interested in a lease contract between six and twenty-four months.
“Prior to the recession the majority of drivers were interested in a 48-month lease term,” said Scot Hall, Executive Vice President of Swapalease.com. “We believe today’s driver has a pay-as-you-go mentality, and the fear of longer-term commitments from the recession lingers in many minds.”
Swapalease.com recently completed its nationwide study of vehicle lease trends, with several changes taking place since the consumer mindset just a few short years ago. Among the highlights of the findings:
41% believe getting more car for your money is the leading benefit of leasing, compared with low upfront costs (26%), shorter terms than traditional financing (24%), and ability to purchase at lease end (5%).
52% believe that mileage restrictions are the leading detractors to leasing, compared with no ownership of the vehicle (18%), wear-and-tear concerns (14%), and higher credit requirements (10%).
63% of lease drivers are either extremely likely or likely to return to leasing once their current contract is completed. According to the latest industry data, roughly 23% of all vehicle sales are lease contracts.
www.swapalease.com is the first and only full-service online marketplace of in-process vehicle leases. With the goal of matching individuals who are currently leasing vehicles they wish to get out of, with individuals who are looking for short-term leases with attractive payments and no money down, it’s the perfect way to find the perfect vehicle for you.
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