CINCINNATI, Ohio – Swapalease.com, a leading car lease marketplace, released new data that uncovers a growing trend in auto leases that is directly tied in with the ongoing microchip shortages and new-vehicle dealership inventory challenges.
Over the past 12 months Swapalease.com is seeing a nearly 500% increase in the number of leases getting bought out in its nationwide online marketplace. These leased vehicles are listed typically between 15 and 20 months old, and in many cases have less than 25,000 miles making them an extremely attractive source of used vehicle options on the dealer lot.
Customers greatly benefit on both end of the spectrum: 1) buyers at dealers have access to more used vehicle inventory and more selection to choose from; and 2) people listing vehicles on the Swapalease.commarketplace from brands with unfavorable and outdated lease policies are having more success escaping their lease contracts.
Brands such as Honda, Nissan, and Kia have traditionally made it extremely difficult for their lease customers to transfer leases for a variety of life reasons that have nothing to do with vehicle or brand preference. In many cases people want to remain with the same brand for their next vehicle, but the frustrations associated with transfer obstacles force people to eventually choose a different brand in their next car or truck. The current dealer lease buyout climate is offering these brands a glimpse at how modifying their policies might benefit them going forward.
“Many people simply want or need to change vehicles because they are having a new baby or are moving to a different part of the country and their existing car or truck no longer works for them,” said Scot Hall, Executive Vice President of Swapalease.com. “They are happy with the brand they are with, but the difficult experience drives them into another brand. Hopefully, the current situation helps these brands see the value in modifying and modernizing their lease policies especially once the market normalizes.”