CINCINNATI—Interest in leasing alternative fuel vehicles is growing, according to a new report.
Analysis by Swapalease.com shows that alternative fuel vehicles now make up roughly 7.5% of the Swapalease.com marketplace, up from 5.5% back in 2015.
The analysis comes on the heels of a report by Bloomberg New Energy Finance showing that lease penetration in the U.S. for electric and alternative fuel vehicles is approximately twice that of gas counterparts. While roughly 31% of all vehicles are leased in the U.S. the Bloomberg report shows that as many as 80% of battery electric vehicles, and 55% of plug-in hybrids are leased. Tesla, which doesn’t sell through a dealer network, isn’t included in the figures, Swapalease.com explained.
The Swapalease.com analysis shows that the Toyota Prius currently represents 47%—nearly half—of the entire alternative fuel inventory on Swapalease.com inventory at the end of 2017, down from 52% in 2015. Tesla currently holds 23.3% of Swapalease.com inventory, followed by the Chevrolet Volt (14%), and the Nissan Leaf (11.2%). Other manufacturers and models make up 5% of the alternative fuel lineup on Swapalease.com.
Tesla has grown the most share of the Alternative Fuel inventory on Swapalease.com between 2015 and the end of 2017, jumping 25% during that time. The Toyota Prius, in comparison, has grown just 4.2% during the same timeframe.
“We fully expect alternative fuel vehicles to continue their growth in not only the Swapalease.com marketplace, but in leasing overall,” said Scot Hall, executive vice president of Swapalease.com. “Alternative fuel technology is a microcosm of the rationale for leasing in that people realize the technology improves significantly in just a few years, therefore they want the ability to upgrade and change into a different vehicle during that time frame.”