Top 10 Reasons People Ditch Their Car Lease: Signs of American Growth?

The lease swapping website appropriately named—Swapalease.com—has just released new data that points to why people look to exit a leased vehicle, but the data may suggest far more: according to the Top 10 reasons people look to escape their lease, it appears Americans are better off financially than four years ago. In the survey of thousands of people across America, the number one reason in 2008 was “financial concerns,” which has been replaced by a new number one in 2012, “no longer need vehicle.”

Preference a Larger Factor

The previous number two—”lifestyle changes”—which Swapalease says are things like a change in job status or a growing family, slipped to number four. Perhaps even more telling, “dislike present vehicle,” moved up three spots from number eight in 2008 to number five in 2012. In a more uncertain economy, people often put personal taste and preference aside for utility and economy, but it appears people are more frequently looking to change their lease or exit a lease for a car they like more.

Used to Gas Prices?

The data also suggests people may now be used to higher gas prices, or have acquired a more fuel efficient vehicle.  Much like in 2012, per gallon gas prices are relatively high at around $4 a gallon, but “gas prices” dropped two spots to the eighth most common reason people look to get out of a lease in 2012. Some people may now be driving cars that get better fuel economy, but it’s also possible that after years of paying higher prices, people now expect to pay more per month, and have gotten used to the cost of gas.

The nine and 10 spots remain consistent with “insurance costs,” and “maintenance,” dutifully filling them. You can view the full list below:

Source: Swapalease.com