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Car shopping survey shows 2% interest rate rise may slow consumers considerably

6.8% of Consumers Won’t Shop for a Car at 1% Interest Rate Increase; 21% Won’t Shop at 2% Increase

Cincinnati, OH (December 21, 2015)

Swapalease.com, the nation’s largest car lease marketplace, has new holiday shopping data that shows roughly four out of ten people have given a new or used vehicle as a gift during the holidays. Swapalease.com presented an online holiday car shopping survey to approximately 2,500 drivers across the U.S. during early December to identify new trends.

The survey uncovered several other interesting trends that shed light on the way men and women shop for cars and trucks during the holidays. Among these trends:

  • 6.8% of people said they would not shop for a car when interest rates increase 1%; however 21% said the same when interest rates increase 2%.
  • Approximately 12.4% of car shoppers believe car makers’ special holiday-themed television ads influence consideration for specific brands (industry experts generally believe television advertising offers a 2% return).
  • 4.5% of survey participants said they have purchased or leased a Mercedes-Benz as a result of the carmaker’s Naughty or Nice-themed holiday television campaign.
  • 48.3% of people said they were planning on spending the same on gifts as they did last year (in spite of significantly lower gas prices and an improving economy).
  • 32.6% of consumers actually believe car shopping for deals on the last day of the year is overrated.

“We’re particularly focused on how people view the interest rates given the fact that we just saw the first rate increase in nearly a decade,” said Scot Hall, Executive Vice President of Swapalease.com. “Additionally, it’s good to see carmakers seeing success with their holiday television campaigns, which are clearly influencing shoppers toward a specific brand.”