Economy and Lease Confidence Indexes Drop Slightly from Q2
CINCINNATI, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Swapalease.com, the nation’s largest car lease marketplace, announced today its third-quarter Auto Lease Trends Report (click here to download), showing vehicle lease trends during the third quarter on brand-specific search traffic, lease mileage report, lease listing incentive data and the appetite for domestic versus foreign lease vehicles.
Swapalease.com studies lease market trends and consumer insights each quarter. In order to gain these insights, the company studies a variety of lease market data, and takes the pulse of consumer appetites for leasing by presenting an online survey to thousands of drivers across the U.S. The purpose of the report is to provide a deeper understanding to the industry on where U.S. auto lease activity is in the present market, and where it may be forecast to go in coming quarters.
Among the key trends Swapalease.com identified in its third-quarter lease data:
Americans are paying an average of $516.31 per month on their leases during the third quarter, which is up from $510.71 in the second quarter.
Women continue to look to escape their leases earlier in the lease contract than men, however, men continue to offer higher incentives on their vehicles. Women are also leasing more hybrid (61 percent), small car (60 percent), mid-size (57 percent), and utility (60 percent) vehicles, but men are leasing more luxury (62 percent) vehicles.
51 percent of lease drivers say they would want to lease a domestic type of vehicle, up from 40 percent in Q2. However, there hasn’t been a change in the brand to lease, as 43 percent of drivers remain with the same brand.
Swapalease.com continues to see similar search traffic share from the previous quarter with Tesla’s share of search traffic continuing to grow, while BMW remained the top searched brand on the Swapalease.com marketplace. When looking at the comparison from Q3 in 2020, many brands saw an increase in search activity, but others in the domestic category saw declines.
“As we approach the end of 2021, we still see much of the same trends in automotive leasing, but confidence in the economy has diminished, especially in a continued state of supply chain and automotive inventory challenges,” said Scot Hall, Executive Vice President of Swapalease.com. “Despite these challenges, more people are driving and searching for different brands on their next vehicle with consumer-friendly lease policies.”
For more information or to see the full report, click here.
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.
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