Shoppers want more creative thinking in leasing: Study

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A new study from Swapalease.com is highlighting some interesting trends for U.S. automotive shoppers including the growing desire to have dealers send bids rather than haggle with one store over price.

The online study queried more than 2,500 drivers and car shoppers across the U.S. about how they would like to shop for cars in the future along with their thoughts on auto finance, leasing and dealership interactions.

Among the findings, both men (66 per cent) and women (56 per cent) would most prefer to identify the car they like and then have dealers submit their best bids. However, women (35 per cent) are interested in “showtailing” where they look at cars at the dealership but then buy/lease online. Thirty-three per cent of men said they would like to buy/lease cars online without ever stepping into the dealership.

In terms of automotive finance options, 66 per cent of both men and women would prefer to see all their financing and rate options online ahead of time.

Separately, though, more men (45 per cent) than women (27 per cent) would be interested in lenders bidding for their finance business ahead of time.

Regarding automotive lease terms, 51 per cent of men and women said they would prefer to select the lease package that's right for them from a menu with various options such as mileage and upfront money.

Separately, most men (51 per cent) would like to get out of any lease with 90 days' notice, while most women (54 per cent) would like to lease month-to-month with no extended terms.

Both genders agree that rear back-up camera systems and in-car Wi-Fi are the tech features that will most influence their shopping decision in the future. However, lane departure warning systems saw a large difference, with 52 per cent of men indicating that as an influential technology as opposed to just 31 per cent of women.

Surprisingly, 37 per cent of respondents autonomous driving was important to them.

“The automotive industry continues to evolve before our eyes, especially when it comes to the types of cars manufacturers are producing,” said Scot Hall, executive V-P of Swapalease.com.

“We'd like to see the industry break out of the mold more when it comes to lease packages and more flexible terms, and this survey shows car shoppers would be in favour of some creative thinking on those fronts.”