Leasing Preferences Shifting Toward Trucks: Swapalease

Retail customers may be moving away from luxury vehicles and toward trucks and SUVs for their leases, according an analysis from Swapalease.com.

In the second quarter of 2018, approximately 22.8% of Swapalease’s users stated that the vehicle they currently drove would be classified as a luxury sports sedan, while 27.2% stated that they drove a truck or SUV.

Just two years ago, luxury sports sedans accounted for 27.5% of Swapalease’s users while trucks and SUVs accounted for 24%.

The Swapalease analysis also found that lessees are gaining more interest in shorter lease term lengths. During the second quarter of 2018, 54.1% of its users that it analyzed said their ideal term was for two years, compared to 50.1% who said the same in 2016.

For three-year leases, 42.8% said this term length was ideal for them in the second quarter of 2018, compared to 39.4% two years ago.

From an industry perspective, having shorter lease term lengths would mean that the used industry would have a larger supply of newer vehicles re-entering the market at a faster clip.