CINCINNATI, OH--(Marketwired - November 15, 2016) - Swapalease.com, the nation's largest online car lease marketplace, today released its first-ever quarterly report on auto leasing, available by clicking here. The auto lease trends report covers a variety of lease pricing, brand, and consumer demographic data on auto leases during the third quarter, 2016. Swapalease.com will begin producing similar reports each quarter to offer data and insight that tracks the progress of auto lease activity in the U.S.
The report shows that Q3 '16 versus Q3 '15 search traffic for most domestic auto leases is up compared to European and Asian auto leases. Buick (+9%), Cadillac (+4%), Chevy (+3%), GMC (+5%), and Ram (+8%) are all up comparing year-over-year quarterly data. Most likely due to the scandal, Volkswagen search traffic is down –28% for the same period. Overall search traffic during Q3 with no comparison to previous quarters, BMW holds the largest share of search traffic at 15%, followed by Mercedes-Benz (12%), Lexus (9%), and Ford (8%).
Regarding people looking to escape their leases during the third quarter, incentives on listings averaged $673.00, up slightly from a year ago ($641.00). Men are listing vehicles with an average incentive of $560.00, versus women listing incentives of $470.00. The average American lessee is looking to get out of their vehicle a little earlier today, with average miles remaining at 23.2, compared to 21.5 a year ago.
In terms of what people are paying for compact and smaller cars, the average man has a monthly payment of $381.67, versus $416.95 for women. However, men are averaging $492.56 for utility vehicles, versus $417.98 for women. The average monthly lease payment during Q3 was $469.41, but the average payment both men and women would like to be paying is roughly $458.15 per month. The report also uncovered that approximately 25% of households have two or more leases in their driveway. Additionally, nearly 75% of drivers say they'd want to switch to a different brand of vehicle when they shop for their next car or truck.
Click here to download the full report.
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.