CINCINNATI—A report shows lease payments are moving higher at the same time many people are looking to escape their leases earlier.
The data was released as part of Swapalease.com’s latest Auto Lease Trends Report, which includes vehicle lease trends during the third quarter on brand-specific search traffic, lease mileage report, lease listing incentive data and the appetite for domestic versus foreign lease vehicles.
Among the key trends:
- Americans are paying an average of $516.31 per month on their leases during the third quarter, which is up from $510.71 in the second quarter
- Women continue to look to escape their leases earlier in the lease contract than men. Women are also leasing more hybrid (61%), small car (60%), mid-size (57%), and utility (60%) vehicles, but men are leasing more luxury (62%) vehicles.
- 51% of lease drivers say they would want to lease a domestic type of vehicle, up from 40% in Q2. However, there hasn’t been a change in the brand to lease, as 43% of drivers remain with the same brand.
- Swapalease.com said it continues to see similar search traffic share from the previous quarter with Tesla’s share of search traffic continuing to grow, while BMW remained the top searched brand on the Swapalease.com marketplace. When looking at the comparison from Q3 in 2020, many brands saw an increase in search activity, but others in the domestic category saw declines.
Trends Continue
“As we approach the end of 2021, we still see much of the same trends in automotive leasing, but confidence in the economy has diminished, especially in a continued state of supply chain and automotive inventory challenges,” said Scot Hall, EVP of Swapalease.com. “Despite these challenges, more people are driving and searching for different brands on their next vehicle with consumer-friendly lease policies.”
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