A marketer of vehicle un-lease transactions announced the results of a survey this week that reveals why people break consumer car leases.
The 2004 Un-Lease Intent Survey, conducted by Un-Lease Inc., shows that an increasing proportion of consumers are now exiting their leases early for “non-financial” reasons. More than half of survey respondents were interested in breaking their leases for these reasons, a marked shift from previous years.
Of the total respondents, 32.8% cited their interest in another car as their primary reason for breaking their current lease. Another 21.3% cited household/family change, while only 19.7% opted for the reason that their payments were too high.
Dev Bhatia, the founder and CEO of Un-Lease, believes that because leases are now easier to break, consumers will choose financial flexibility when given the choice. The change in interest rates and the relaxing of some financing company restrictions have spurred the growth of un-lease transactions, the company said in a statement.
Perhaps most revealing was the fact that of those interested in changing their rides rather than reducing their payments, more than half were interested in models with higher average monthly payments.