CINCINNATI—Consumers are willing to pay more for a leased auto today, while the strong interest in crossover vehicles in finally slipping.
Those are two findings from Swapalease.com’s latest Lease Trends Report. The study shows that a year ago, the average lease payment was listed at $474.80. Today the number is $506.13, an increase of 6.8% on payment threshold.
What’s more, a year ago nearly one-in-five people said they would look for a payment between $200 - $299, but a year later that percentage has slipped to just 12%. Furthermore, the $500-$599 payment category saw the largest year over year jump, from 10.7% to 19.2% today.
A year ago, roughly 7.4% of drivers polled said they would shop for a crossover if they needed to go out and lease a vehicle that day. A year later, that number dipped slightly to 7.1%.
Historically, a change in family size has been among the leading reasons why people have wanted to transfer out of their current vehicle lease, Swapalease.com noted. A year ago, 11.5% of people said this applied to them, and this number has dropped further to 8.8% today. Conversely, 29.4% of people said they want to change their current vehicle type, and 23% indicated a desire to change their vehicle brand.
"Our latest lease trends show that crossover saturation may be setting into vehicle leasing, as the number of people who say they want to lease a crossover appears to be falling slightly from a year earlier," said Scot Hall, executive vice president of Swapalease.com. "Perhaps price and incentives play a role here, but it's also possible that people are desiring other model types when leasing a vehicle today."