CINCINNATI—More Americans are hanging onto their leases a little longer due to the pandemic, Swapalease.com reports.
The company’s second quarter survey shows consumers were listing their vehicles just over ten months into their lease contract during Q2, compared with nine months during the first quarter.
“During the second quarter, a rising number of people looked to escape their lease for reasons such as income change—mostly job loss, a growing family, location change—students no longer needing leases at school, and vehicle type change—downsizing,” the company said.
The report also shows Americans were paying an average of $512.13 per month on their leases during the second quarter, down from $529.52 in Q1.
The average lease driver is listing their vehicle with a cash incentive of $538.16, down from $572.85 in Q1.
“This indicates it is more of a buyer’s market, as a larger number of people are looking to take over leases on secondary channels since dealers are not offering aggressive deals on new leases,” Swapalease.com said.