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Swapalease.com, the nation’s largest car lease marketplace, says its customers are escaping their car leases at a new record pace. According to data from December 2013 listings, the average months remaining on cars listed during the month was 22.1, a new record for the 14-year-old marketplace. The previous record was 21.8 months remaining, set back in August 2006 and prior to the recession.
With average lease terms still set at 36 months, this data says the average person looking to escape his or her lease looks to part ways with their car just shy of driving 15 months into the lease term. Leasing is once again a major part of the automotive shopping experience, and at the end of 2013 Swapalease.com executives noted that roughly 27% of all cars sold were through lease programs.
“The appetite for leasing is back at all-time-high levels, and most carmakers are currently offering attractive lease deals for consumers,” said Scot Hall, Executive Vice President of Swapalease.com. “But this data goes a step further to validate the fact that drivers today are looking for the chance to drive a different car on a nearly annual basis.”
The December listing data also shed light on when drivers look to part ways with certain makes and models. For example, according to this data, the average Toyota Prius driver looks to escape just eight months into their lease term (avg. 36-month lease).
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal.