Gas Prices Lead Consumers To Lease Smaller Cars
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Sky-high gas prices are starting to change consumer behavior, with growing number of drivers who lease their cars turning over the keys of their large vehicles in exchange for smaller cars, according to a recent customer report by a company that helps people transfer car leases.
Roughly 15% of customers at LeaseTrader.com are transferring out of their car leases to get a smaller-sized car, the company said.
“Everything from the housing situation to rising gas prices have prompted many people to begin changing their automotive preference,” the chief executive officer and founder of Lease-Trader, Sergio Stiberman, said. “You’re talking about a noticeable shift in customer preference, which we expect to resonate with the major car companies.”
Gas prices have steadily increased over the past few years, prompting consumers to change their driving habits by driving less and investing in fuel-efficient vehicles, experts say.
Car lease transferring enables consumers to change vehicles in the middle of a lease contract, which runs about three years.
LeaseTrader.com also tracks America’s most popular leased vehicles. The Mercedes C-230 Sport Sedan and the BMW 3 series have shared the top two spots over the last four months, the company said.
