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Car Shoppers Interested in Used-Vehicle Leases, Swapalease.com Finds

January 8, 2015

CINCINNATI — Swapalease.com has unveiled results of its latest survey showing that 82% of drivers across the U.S. would consider getting a used car or truck lease that was three years old.

Swapalease.com is studying the consumer appetite for used leasing and presented an online survey in front of 2,500 drivers across the country during November, 2014.

One of the benefits of a used lease would include a lower monthly payment, and approximately a third of those polled said their monthly payment zone was in the $280 range. Swapalease.com Executive Vice President Scot Hall said this would be a realistic price point based on residual values of the typical sedan that originated with an MSRP of $30,000. Roughly half of respondents said they would be willing to pay a down payment between $500 - $1,500.

The largest population of people (55.5%) said their biggest concern on a used lease would be on the warranty or maintenance of the vehicle, but Hall pointed out that the majority of these vehicles could fall under a similar warranty program as the current used certified pre-owned vehicles with additional warranty and maintenance benefits.

The majority of men said their leading reason for not getting a used lease was simply not knowing where they could get one, whereas women said used leases couldn’t be priced cheap enough or that they would be worried about the condition of the vehicle.

The survey also showed that a used leasing environment would be much larger today if it had been around for a number of years. Fifty-eight 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 women said they would consider getting a used lease for a BMW, Honda or Lexus. Most men said they would be interested in a used lease for Audi, BMW and Lexus. Additionally, most women said they would be interested in leasing a used hybrid, sedan or SUV, whereas most men said luxury, sports sedan or SUV.

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