CINCINNATI -

Experian reported that 2020 closed with used vehicles representing 8.30% of the total lease market. That’s down a bit from the previous year, as 2019 finished with used models constituting 9.01% of the leasing space.

Swapalease.com is looking to give the used-vehicle leasing space a jolt with the newest offering the site launched on Monday.

The marketplace unveiled a Used Lease Swap program that’s designed to make it easier for drivers of used-vehicle leases to exit their lease contract by finding someone else to take over the remaining portion of the lease.

Swapalease explained its Used Lease Swap program works similar to its initial swap program for original lease contracts. A person lists their lease on the website and finds a match for a second individual who agrees to take over the unused portion of the lease contract.  

Site officials highlighted that demand for used and certified pre-owned vehicles is increasing as the industry continues to struggle with the supply of new models due to the semiconductor chip shortage.

Swapalease also pointed out that manufacturers are looking to cater to consumer demand, which is constantly interested in a monthly payment-centric method of shopping for a vehicle. As such, several manufacturers over the last few months have begun testing pilot programs for leasing used and certified pre-owned cars and trucks, according to a news release from Swapalease.

The site went on to mention lease payments are typically smaller compared when financing the vehicle because the driver is only paying for the portion of the vehicle they agree to use. This element is important because used-vehicle prices increased 3.74% in the first half of March compared with average prices during all of February, according to Cox Automotive’s Manheim Used Vehicle Value Index. 

“Our Used Lease Swap program goes a step above some of today’s innovative leasing programs because it introduces even more flexibility into the needs of today’s driver,” Swapalease executive vice president Scot Hall said.

“It’s great that the industry is looking at ways to bring about more certified pre-owned lease options, but even after you sign on the dotted line, regardless if it’s a new or used car, life changes happen and we want to give people more freedom and flexibility to change their driving needs at a moment’s notice,” Hall went on to say.