Cars Blog

Finance Blogs » Cars » Car lease preferences changing

Car lease preferences changing

By Tara Baukus Mello · Bankrate.com
Saturday, February 16, 2013
Posted: 6 am ET

Drivers shopping for a car lease are looking for different deals than they have in the past, according to a new study by SwapALease.com. The study found that car shoppers are driving fewer miles, happily carrying more car insurance coverage than the minimum required and are more willing than ever to skip the test drive.

The survey results showed that nearly one-quarter of respondents are looking for car leases with 10,000 miles per year or less, versus the 12,000- or 15,000-mile allowances that have been seen traditionally in leasing. While 50 percent of respondents still carry only the required amount of car insurance, the survey found that 39.7 percent now carry more than is required. In addition, there is a growing comfort with skipping the test drive on the car being leased, with 58.4 percent of those surveyed now saying that they are willing to lease without sitting in the driver's seat.

The survey also found that the majority of car lessees (49.7 percent) are looking for lease deals that require zero down.  No money down is a wise financial move for car leasing since, in many cases, a down payment creates a situation where the lessee is upside down, should the car be totaled in a crash or stolen, and the lessee will end up owing money on a car he or she can no longer use.

Tara Baukus Mello writes the cars blog as well as the weekly Driving for Dollars column, providing both practical financial advice for consumers as well as insight into the latest developments in the automotive world. Follow her on Facebook here or on Twitter @SheDrives.

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.