A recent leasing article in Automotive News led their reporter, Hannah Lutz, to surmise that when it comes to the car lease, salespeople should “pitch women on practicality and men on luxury.” Statistics indicate that she could be correct.
Lutz cites findings from Swapalease.com’s third quarter Auto Trends Lease Report, which shows that women have lower monthly payments and different goals than their male counterparts when signing a new-car lease.
No matter the brand or vehicle type, a woman’s monthly lease payment ranged from $395.16 to $471.38, a difference of only $76. Meanwhile, male customers’ lease payments stayed between $381.67 and $687.23, a much larger $306 difference which seems to further support Ms. Lutz’s point.
The data demonstrated that women prefer smaller cars (62 percent of females versus just 38 percent of male customers) – and luxury isn’t as important to them (just 28 percent compared to 72 percent of males).
Among women, the five most popular brands were Toyota, BMW, Ford, Acura and Audi; while the five most preferred by men were BMW, Ford, Mercedes-Benz, Toyota and Lexus.
Other interesting findings that were not gender-specific:
Americans had an average monthly payment of $469.41 for leased vehicles during the third quarter of 2016.
Nearly a quarter of Americans say they are leasing two or more vehicles in their household.
Nearly 70% of Americans would prefer leasing a foreign-made vehicle.
Only 45% of Americans would surely stay with the same brand upon completion of their current lease, while 32% are unsure. The remaining 23% plan to switch to another brand.
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