Trends In Shopping For A New Car Lease
Shopping for a new car lease comes with many questions. Besides making sure you’re getting the right car, it's also important to make sure you’re comfortable with the price, the different elements that go into how you arrive at your monthly payment, and also the experience itself. Add in the part about negotiation and you’ve got yourself the ingredients for some sleepless nights.
What do car shoppers like most about the car lease process, and what do they like least? Through a partnership between Swapalease.com, the nationwide car lease transfer marketplace, and Wantalease.com, the online destination for finding a new car lease, the below study sheds light on how consumers like and dislike.
Below are the results of key questions asked in an online survey conducted by Swapalease.com and Wantalease.com, presented to more than 1,000 drivers across the U.S. from April 10 through April 24, 2014.
Executive Summary
According to respondents, the majority of new car lease shoppers (40.8%) currently utilize a national website such as Cars.com to research deals. Shoppers also research deals from their local dealer (38.4%). Search engines (37.3%) and manufacturer national websites (37.3%) also scored high. Billboard advertising (1.4%) scored lowest.
For all the talk of social media engagement, connecting with a dealer on Twitter or Facebook scored second lowest at 3.1% of respondents.
The biggest frustrations when shopping for a new lease deal are the following:
- Finding out that there are hidden terms in the advertised Lease
- Finding out the advertised lease was on a basic model with no options
- Finding out the advertised lease generally did not meet the needs of the lease shopper
Based on this data, survey respondents may believe that current advertisements and promotions may not be very helpful in their lease shopping process.
The worst part of negotiating a new lease deal is comprised of the following:
- Knowing if you’re getting a good deal
- Having to deal with the car salesperson
- Comparing lease deals across different dealers
- Understanding how the lease is calculated
Survey Responses
1: When was the last time you shopped for a new car lease from a car dealer?
| Past 12 months | 42.6% |
| Last 2-3 years | 22.8% |
| Last 4-5 years | 7.8% |
| I have never shopped for a Lease | 13.6% |
2: When you last shopped for a new car lease, which of the following did you do?
| Look at ads in the local newspaper | 33.2% |
| Research deals on my local dealer’s website | 38.3% |
| Listen to radio ads | 9.3% |
| Watch TV ads | 25.0% |
| Research deals at a national car website | 40.7% |
| Search engines | 37.3% |
| Billboard ads | 1.3% |
| Engaged with a dealer on Twitter/Facebook | 3.1%
|
3: When researching new car lease deals, has any of the following ever happened to you?
| Found out the advertised lease deal did not exist | 27.3% |
| Found out the advertised lease deal had hidden terms | 52.3% |
| Found out the advertised lease deal was the basic model | 48.8% |
| Found out the advertised lease required a higher down payment | 40.1% |
| Found out the advertised lease deal did not meet my needs | 43.3% |
| Could not find the lease deal information online | 18.7% |
| Could not get the dealer to respond or give any information | 15.9% |
4: What are the most frustrating aspects of negotiating a lease deal?
| Knowing I am getting a fair deal | 50.0% |
| Having to deal with the car salesperson | 38.4% |
| Negotiating the monthly payment | 32.3% |
| Understanding all the options available for leasing the car | 27.9% |
| Knowing what lease deals might exist on makes/models I’m interested in | 30.6% |
| Comparing lease deals across different dealers | 37.8% |
| Understanding everything in the contract | 33.3% |
| Understanding how the lease is calculated | 35.0% |
5: Are there any other features you would like to see included in an online shopping portal for new leases?
(each of the following were common write-in answers provided by respondents)
- Show vehicles in close proximity to where I live
- Clear and total cost of lease, without hidden fees or taxes
- The actual lease deals paid by other customers
- Provide all fine print up front
- How adjusting the down payment will impact my monthly payment
- End of lease financial requirements when you turn in the Lease
- Clearer calculation of how we arrive at my monthly payment
- Residual values and interest rates when comparing cars
- Access to what all dealers in my local area will offer for the same car
