CAR LEASE DRIVERS CONTINUE TO ESCAPE CONTRACTS AT NEAR-RECORD PACE

Improved Economy Encourages Drivers To Upgrade After Just 15 Months

Cincinnati, OH (May 22, 2014)

Swapalease.com, the nation’s largest car lease marketplace, says its customers continue to escape their car leases at a near-record pace. According to data from April listings, car lease drivers in April planned to escape their lease contracts 15.3 months into their lease, slightly off the record pace set back in January of 13.9 months.

Based on lease contracts with an average term of 36 months, the current pace of exit continues to expedite in pace. Prior to 2014, the average person looked to escape their lease after driving roughly 18 months of their contract, or exactly at the halfway mark.

“The trending numbers in this direction do not surprise us as many drivers look to upgrade their vehicle at a quicker pace in an improving economy,” said Scot Hall, Executive Vice President of Swapalease.com. “We have also noticed additional patterns of a desire to change vehicles more frequently comparable to cell phone contracts and the ability to upgrade other technology.”

Below are the top five most popular cars that were transferred in April with the least and most months remaining on the contract.

Fewest months remaining

Most months remaining

Swapalease.com polled drivers across North America recently about their ideal time for switching into a different car. Men (59.5%) and women (60.7%) revealed they would like to change their vehicles as often as they change their mobile phone, a statistic that currently stands at every 21.7 months according to Recon Analytics.