The State Of Women And Car Leasing

How do women view their car lease experience? Swapalease.com wanted an inside look at how women drivers feel about leasing a vehicle, the shopping experience for a lease, and whether they would like to return to leasing in their next vehicle choice.

Below are the results of key questions asked in an online survey conducted by Swapalease.com, taken by more than 1,000 drivers across the U.S. in November, 2013.

Executive Summary

1: Women Aren’t Familiar With Lease Transfer
2: Women Are Looking For Shorter Lease Commitments
3: Women Have Lower Down Payments
4: Women May Not Return To Leasing
5: Credit Apps, Lack Of Equity Frustrate Women Lease Shoppers

1.1: Did you know that vehicle leases are transferrable to others?

AnswerMenWomen
Yes for all makes25.3%7.8%
Yes for some makes28.8%22.8%
Did not know45.7%69.3%

1.2: How important is it that your vehicle lease is transferrable?

AnswerMenWomen
Extremely important3.5%5.2%
Very important5.7% 1.7%
Important15.5% 9.6%
Slightly important20.0%12.2%
Not important39.5% 38.6%
Did not know15.5%32.4%

1.3: Do you know if your vehicle lease in transferable?

AnswerMenWomen
Yes 27.5%14.0%
No34.6%31.5%
Did not know37.7%54.3%

Swapalease.com Analysis: Lease transfer is something that is not promoted at the dealership, nor by the lease company. This barrier to exposure limits the full experience possible for leasing a vehicle, one that has been proven to enhance the overall experience. It is our belief that more women would consider leasing if they fully knew of the option to transfer and all the benefits that are presented through the lease transfer experience either as a buyer or seller.

2.1: What is the ideal term for a vehicle lease?

TermMenWomen
12 months or less0.4%1.7%
18 months2.2%2.6%
24 months24.4% 27.1%
36 months65.7%63.1%

2.2: Which of the following apply to you?

ReasonMenWomen
Want out of my lease early10.6%20.1%
Tired of driving my Lease 6.2%11.4%
Want a newer lease now 16.0%16.6%
Lease no longer fits lifestyle8.0% 12.1%
Cost of current lease too much14.2%17.5%

Swapalease.com Analysis: According to this data, a larger percentage of women drivers would prefer lease terms that are 24 months or less, compared with the majority of men who indicated a stronger interest in longer terms such as 36 months. Additionally, a larger percentage of women indicated they get bored with their lease earlier than men, which may indicate a stronger desire to drive different vehicles even more frequently. As a side note, this percentage may be even higher assuming more women were familiar with the concept of lease transfer.

3.1: How much money, in total, did you put down when you got your leased vehicle?

TotalMenWomen
$0-$50033.8%42.9%
$500-$100014.2%12.3%
$1000-$3000 34.0%35.0%

Swapalease.com Analysis: In a possible sign of savvy consumerism, a higher percentage of women indicated they put less money down on a lease, sometimes even no money. This tells us that zero-down lease deals may appeal stronger to women during the shopping process.

4.1: How likely are you to lease your next vehicle after your current lease expires?

LikelihoodMenWomen
Definitely29.7%28.0%
Probably34.2%24.5%
Maybe25.7%33.3%
Probably Not6.2%10.5%

5.1: What is the most frustrating part of negotiating a vehicle lease?

ReasonMenWomen
Mileage Requirements21.3%17.5%
Understanding Taxes4.8%3.5%
Lease Language22.6%11.4%
Getting A Deal40.4%37.7%
Paperwork16.8%14.9%
Credit Approval 2.6%6.1%
Car Salesperson 23.5%24.5%
Confusing Process10.2%6.1%
No Equity13.3%21.9%
Lease Return15.1%13.1%
Payment Negotiation25.7%21.9%

Swapalease.com Analysis: A larger percentage of women say they are not likely to lease the vehicle that follows their current lease. Women indicate that the credit approval process is more frustrating than men, yet this takes place at the time of purchase. Secondly, more women indicated a frustration with not having any ownership stake in the vehicle during the lease process, which may be a larger indicator of their low desire to lease their next vehicle. What’s interesting here is that this is counter to earlier insight showing women as being more interested in driving a different vehicle more frequently, a popular benefit to leasing.