Top News

Consumers Hungry for Used Leases, Survey Says

May 31, 2016

CINCINNATI, Ohio — Consumers want more flexibility when it comes to leasing, according to a survey conducted by Swapalease.com. Of the more than 2,500 consumers polled, 54% said they would be interested in extending their lease at the end of the term, while 37% said they’d be willing to pay a penalty to end their lease early to purchase or lease a newer car.

However, the majority of respondents, 78.7%, said they would be interested in used-vehicle leases. Two of the biggest expectations consumers had for used leases, according to the survey, are lower monthly prices and warranties.

Additionally, 75% of respondents indicated they would want a monthly payment price 20% to 35% lower than the original payment for the vehicle if it were new. And about 95% of consumers said they would expect a warranty to be offered for their leased vehicle.

The survey also polled 250 dealer executives to find how dealers would feel about a used lease program. It found that 74% of dealers beleived used leases could help move the influx of off-lease vehicles coming back onto their lots.

The three domestic vehicles that consumers stated they would want most if a used leasing program were available were the Cadillac Escalade, Cadillac CTS and Jeep Cherokee. The Top Three domestic used vehicles dealers would like to offer leases on include the Buick Regal, Cadillac CTS and Chevrolet Cruze.

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  

CLOSE [X]

READ NEXT

Turks and Caicos Regulator Engages Reinsurance Industry

The Turks and Caicos Islands Financial Services Commission met last week with 20 leading reinsurance experts to elicit their views on proposed improvements to the islands’ regulatory regime and to explore how TCI may remain the domicile of choice of producer affiliated reinsurance companies.