How do women view their car lease experience?
Swapalease.com wanted an inside look at how women drivers feel about leasing a vehicle, the shopping experience for a lease, and whether they would like to return to leasing in their next vehicle choice. Highlights from its latest report, “The State Of Women And Car Leasing” are below.
According to results from an online survey of more than 1,000 drivers nationwide at the end of 2013, Swapalease.com found that most women are looking for a shorter lease commitment than men; they usually pay lower down payments; getting a good deal frustrates women most; and ultimately women may not return to leasing after their current experience.
-Women want shorter lease terms. When asked about the ideal lease term, 31.4% of women respondents said they’d like to have a lease term of 24 months or less, compared with just 27.0% of men respondents.
-More women get bored with their lease earlier. When asked of the biggest reasons why they want out of their lease, 31.5% of women said they either get tired of their car or want out of their lease early, compared with just 16.8% of men.
-Women pay less in down payments. According to survey respondents, 42.9% of women said they pay $500 or less as a down payment on their lease, compared with just 33.8% for men.
-Most frustrating part of a lease? When asked this question, getting a good deal garnered the most votes from women respondents (37.7%). However, having little to no equity in the vehicle represented the largest divide between women (21.9%) and men (13.3%).
-Women May Not Return To Leasing. When asked if a lease will be your next vehicle choice, 43.8% of women respondents said “maybe” or “probably not”, compared with 31.9% of men respondents.
-Understanding all options in leasing. One of the largest reasons why women may not return to leasing is that they aren’t aware of all the options that exist in a lease environment. When asked if they knew that leases are transferable to others, 69.3% of women respondents said they did not know, compared with 45.7% for men.
“Women make up a significant part of the car shopping process today, and it’s well documented that they’re taking the time to educate themselves on making the right vehicle decision,” said Scot Hall, Executive Vice President of Swapalease.com. “Clearly, there is a lot more knowledge our industry needs to provide women so they can make informed decisions at the purchase stage, and so they can enjoy the car experience once they drive off the lot.”
“We measure and know that women have a more engaging and satisfying showroom experience when leasing versus buying,” said Anne Fleming, President of Women-Drivers.com, a premier car review site for women that data mines all the ratings. “What remains untapped, and to a high degree unclear, is the amount of comprehensive, quality, consultative advice women are receiving about all things leasing, not just the basics.”