Swapalease: Monthly payments varying by gender
The fact that consumers might pay different prices for the same cars based on their gender may seem a bit wonky, but according to consumer lease marketplace Swapalease.com, the data shows this assertion might just be true in some cases.
But the data might not shake out how one might expect if you’re going by outdated stereotypes. If you expect men to have more negotiating power than women, think again, according to Swapalease’s findings.
The site’s recent analysis shows women often have lower monthly payments on similar vehicles than men. And although monthly payments varied from vehicle to vehicle, women appear to be consistently spending less each month on their cars.
“When it comes to cars and price negotiation, most people probably think that men have the upper hand and ability to drive a lower price,” said Scot Hall, executive vice president of operations at Swapalease.com. “But according to data pulled from the Swapalease.com marketplace, women are actually getting the better deal on many of today’s popular vehicles, lessening the gender gap in shopping for cars.”
According to Swapalease’s analysis, men paid more for popular vehicles in the sedans segments, including the Toyota Corolla S and Camry LE, where men were found to be paying 17 percent more than women. On SUVs, such as the Ford Explorer XLT and Chevy Equinox, men were paying 3 percent more than women per month.
The story is a bit different on the luxury side of the market. The site found that women, on average, pay 7 percent more for their luxury vehicles, including the Lexus RX350 and BMW Series 335i.
Interestingly, on average, men aren’t just paying more for their cars each month, but they are also offering more incentives on the site to potential buyers. On the Swapalease.com site, on average, men are offering $446 as incentives to buy their vehicle, which is 227 percent more money than women are offering ($137 as a lease incentive).