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Swapalease.com, the nation’s largest car lease marketplace, recently completed an online survey presented to more than 2,500 drivers across the U.S. to gauge their appetite for leases deals on used cars and trucks. The company also commissioned a similar survey presented to 250 automotive executives at dealerships across the country on their desire and plans to offer more lease deals on used cars and trucks.
The opportunity for lease deals on used cars and trucks may be ripe. 78.7% of drivers said they would consider a deal on a used lease, and 74% of dealers indicated used lease offers may help, or definitely would help move the influx of leases coming back onto their lots.
Expectations For Payments
75% of drivers polled said they would want a monthly payment on a used car or truck lease priced between 20% - 35% lower than the original payment on the same car as a new vehicle. More specifically, most people said they would expect a BMW 3 Series originally priced at $400 per month, to then be priced at $250 or $275 monthly as a three-year-old lease. Conversely, 44% of dealers polled said they would offer a three-year-old lease at 25% - 35% off the original monthly payment as new.
Maintenance & Warranty Disconnects
Only 21.1% of dealers said they feel warranty issues are important to shoppers considering a used car or truck lease. However, 95.3% of drivers said they would expect a warranty to be offered on a used car or truck lease.
Popular Types of Used Car & Trucks For Leases
Drivers said their top three choices for domestic cars and trucks as a used lease would be Cadillac Escalade, Cadillac CTS and Jeep Cherokee. Conversely, most dealers said they would want to offer used lease deals on a Buick Regal, Cadillac CTS and Chevrolet Cruze.
More Overall Flexibility in Leasing
The majority of drivers feel more flexibility is needed overall in lease options. 54% of consumers said they would be interested in extending their lease between 6-12 months at lease end of the original term. Another 72% said they would be interested in transferring into a lease that was older than three years. Lastly, 37% of drivers said they would like to work with a dealer who could help them get out of their lease without penalty if it meant they could purchase or lease a new or different vehicle. Conversely, nearly half (47%) of dealers said they would like to make car shopping more like shopping for an iPhone, where consumers get a new smartphone every two years.