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Edmunds.com issued a report showing that current lease penetration (25%) is on pace to eclipse last year’s totals (22%). Swapalease.com also conducted a car shopping survey that recently asked drivers across the nation if they plan to lease their next vehicle. Roughly 66% of the 700 nationwide respondents said they’re “extremely likely” or “likely” to lease their next vehicle. Interestingly enough, of those who participated in the survey, 60.7% are not leasing their current vehicle.
While leasing is an attractive way to drive a car at a lower monthly price compared with finance, there are instances where leasing may not be the best option. Most notably, if people are planning on driving the same vehicle for more than five years, or if they desire to drive more than 15,000 miles per year, finance may be a better alternative.
“Leasing will continue to be an attractive option for car shoppers looking for low monthly payments on their next vehicle,” said Scot Hall, Executive Vice President of Swapalease.com. “Leasing’s popularity will continue to rise as shorter terms and more flexible lease policies are introduced to consumers.”
Swapalease.com is a cost-effective option for those drivers who decide leasing is not the right fit, even in the middle of their contract. The service allows a driver to escape their contract by transferring the remaining portion over to a third-party individual who then completes the lease term.
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.