CINCINNATI, Ohio — Consumers want more flexibility when it comes to leasing, according to a survey conducted by Swapalease.com. Of the more than 2,500 consumers polled, 54% said they would be interested in extending their lease at the end of the term, while 37% said they’d be willing to pay a penalty to end their lease early to purchase or lease a newer car.
However, the majority of respondents, 78.7%, said they would be interested in used-vehicle leases. Two of the biggest expectations consumers had for used leases, according to the survey, are lower monthly prices and warranties.
Additionally, 75% of respondents indicated they would want a monthly payment price 20% to 35% lower than the original payment for the vehicle if it were new. And about 95% of consumers said they would expect a warranty to be offered for their leased vehicle.
The survey also polled 250 dealer executives to find how dealers would feel about a used lease program. It found that 74% of dealers beleived used leases could help move the influx of off-lease vehicles coming back onto their lots.
The three domestic vehicles that consumers stated they would want most if a used leasing program were available were the Cadillac Escalade, Cadillac CTS and Jeep Cherokee. The Top Three domestic used vehicles dealers would like to offer leases on include the Buick Regal, Cadillac CTS and Chevrolet Cruze.
Originally posted on F&I and Showroom