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

By Matthew Askari | September 19, 2012
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In the survey of thousands of people across America, the number one reason in 2008 was "financial concerns," which has been replaced by a new number one in 2012, "no longer need vehicle."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
Reasons in 2012 Reasons in 2008
1: No Longer Need Vehicle 1: Financial Concerns
2: Financial Concerns 2: Lifestyle Changes
3: Want A New Car 3: Want A New Car
4: Lifestyle Changes 4: Mileage Concerns
5: Dislike Present Vehicle 5: No Longer Need Vehicle
6: Family Size 6: Gas Prices
7: Mileage Concerns 7: Family Size
8: Gas Prices 8: Dislike Present Vehicle
9: Insurance Costs 9: Insurance Costs
10: Maintenance 10: Maintenance
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Ronald Perkins
Ronald Perkins

This is an interesting article. I had no idea that so many more people were ditching their leases. I think it's partly because people are having to deal with increasing prices on bills and everything we buy, and a monthly lease cost on top of all of that is a waste because you don't even own the car. Number 1 on the 2012 list was that they no longer need the car. I believe that people are realizing that they don't really need to drive a new car every few years and could get by with a cheaper car.

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