Swapalease: How Consumers View Used Leases
Better than four out of five drivers are willing to consider getting a used-vehicle lease that was 3 years old, according to a study released by Swapalease.com.
Specifically, Swapalease conducted an online survey of 2,500 drives in November and found that 82 percent are willing to at least mull over this option.
Granted, there was some concern expressed: 55 percent indicated the biggest concern they have with a used lease is the warranty/maintenance. Swapalease executive vice president Scot Hall points out in the analysis that most of these cars may be included in similar warranty programs as certified pre-owned vehicles with additional warranty/maintenance perks.
Familiarity also appears to be somewhat of a concern, as the company noted that, “58 percent of respondents said they would only lease used vehicles or consider it more if the option was widely available over the last several years.”
Most men said that not knowing where to get a used lease was the top reason for not going this route. Women, meanwhile, most often said that either the price on a used lease wouldn’t be low enough or they were concerned with the vehicle’s condition.
Sharing more gender data, Swapalease noted that the majority of women would put BMW, Honda or Lexus on their used-lease consideration lists; most men, meanwhile, cited Audi, BMW and Lexus.
As far as segments go, women favored hybrids, sedans or SUVs; men favored luxury vehicles, sports sedans or SUVs.
When it comes down to finances, roughly a third of respondents said $280 was an ideal monthly payment zone. Hall suggested that is a realistic level, assuming the residuals on a typical sedan with an original MSRP of $30,000. As for down payments, about half would agree to pay $500 to $1,500.
Last year, Hall spoke with Auto Remarketing in detail about what he believes the benefits to be of used-car leasing.