According to a recent online survey by Swapalease.com, 78.7% of drivers would consider used car lease programs.
Car buyers are always looking for affordable buying options when purchasing a vehicle, and leasing can sometimes be a cost effective option for drivers who want the latest and greatest. But how about leasing used vehicles? A recent Swapalease survey found that a lease of a pre-owned/used vehicle is something that car buyers would be interested in.
The Findings of the Swapalease Study
The survey asked more than 2,500 drivers if they would be interested in leasing a used vehicle. And the answer was largely "yes."
- Warranty expectations are high
95.3% of surveyed drivers would expect a warranty to be offered on a lease of a used/certified-pre owned vehicle.
- Lower payments
75% of drivers would want a monthly payment 20% to 30% lower than the original payment on the same car as a new vehicle. For instance, most people said they would expect a BMW 3 Series originally priced at $400 a month to then be priced at $250 or $275 monthly as a 3-year-old leased vehicle.
- Interest in leasing older models
72% of drivers said they would be interested in transferring into a lease for a vehicle older than three years.
Buyers also stated that their top three choices for domestic car and truck used leases would be the Cadillac Escalade, Cadillac CTS and Jeep Cherokee. While these models might be outside of a buyer's price range as new vehicles, it is possible that offering them through a pre-owned program would make leasing them more affordable.
There Is Dealer Interest
On the dealer side of the survey, 250 dealer executives were asked how they would feel about used lease programs. 74% indicated that used leasing offers either could or would help them sell the influx of off-lease vehicles coming back to their lots, and 44% of dealers would consider leasing a 3-year-old vehicle at 25% to 35% off the original, new car lease payment.
What Does this Mean for Bad Credit Car Buyers?
While dealers may be interested in offering used car leasing programs, it is up to lenders to make that call. Earlier this year, Ally financial announced that they are offering pre-owned leases on 35 different models from 15 different brands, including models from Honda, Volkswagen, GMC and Chevrolet. In addition to that, the captive finance arms of Toyota, BMW and Porsche either have plans to or have already launched their own pre-owned leasing programs.
However, even with the large influx of late model vehicles coming off lease, there has not been any talk of bad credit car leasing for pre-owned/used vehicles at this time. Finding a dealer that works with subprime retail lenders to help you finance a new or used vehicle is still your best chance of getting back behind the wheel.
Need a Car Now? We Can Help
If you can't wait for the auto leasing market to change, Auto Credit Express can connect you with a car dealer in your local area that can help. We have a nationwide network of car dealers that are equipped to help car buyers with damaged credit get back on the road. All you need to do to get started is complete the fast and secure online application. Get the keys to your future today.