Swapalease.com, the world’s largest automotive lease marketplace, reveals survey results that show changing trends among consumers shopping for a lease. Among the highlights, roughly a quarter of people seek leases with less than 12,000 miles per year; more than half would bypass a physical test drive; and nearly half obtain car insurance coverage greater than what’s required.
How many miles do you plan to use with your lease? Mileage is a key element when shopping for any lease. Traditionally, leasing drivers opted for either 15,000 or 12,000 miles per year. According to the survey results, however, roughly a quarter of respondents indicated they are looking for less than 12,000 miles each year.
10.7% - 7,500 miles per year
14.1% - 10,000 miles per year
27.2% - 12,000 miles per year
20.9% - 15,000 miles per year
12.6% - More than 15,000 miles per year
How much money did you put down on your last vehicle lease deal? One benefit of leasing is that people can get more car for their money. Using Volkswagen’s “Sign Then Drive” lease campaign as an example, lease shoppers are looking for more lease deals with $0 down.
49.7% - $0 down
2.5% - $500 down
9.5% - $1,000 down
10.1% - $1,500 down
28.1% - $2,000 down
Would you consider bypassing a test drive when shopping for a lease? With the growing prevalence of online shopping, is it more common to lease a car without ever sitting in the driver’s seat first?
58.4% - Yes
39.1% - No
2.5% - Other
What type of insurance coverage would you carry on your leased vehicle? Insurance is another key element when shopping for a lease, mainly because it is the bank’s vehicle, not the driver’s. How much coverage are people carrying on their lease?
39.7% - Greater than required
50.0% - Required amount
2.9% - Least expensive amount
7.4% - Somewhere between least expensive and required
If you’re interested in assuming a lease on the East Coast, are you more likely to get a vehicle inspection following Hurricane Sandy? There were reports of widespread damage to roughly 230,000 cars and trucks following Hurricane Sandy in late October. How much of an impact will this event have on people looking to assume a lease or purchase a used car?
87.9% - Yes, I’m getting a vehicle inspection
12.1% - No, I’m not interested in a vehicle inspection
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. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.