Vehicles

Today’s Drivers Change Cars The Same Way They Change Cell Phones

Posted on November 14, 2011

MIAMI – In much the same way a cell phone user switches to a newer version with upgraded features before completing the two-year contract, drivers and car enthusiasts are starting to feel the same itch, LeaseTrader.com has found. LeaseTrader.com says its lease-escape rate for this reason has jumped 37.6% since 2009. During the previous five-year period from 2004-09 this pool of people grew a tepid 12.3%.
 
“Consumer electronics is an area that’s so important to people today – even non-techies,” said Doug Newcomb, senior editor of technology for Edmunds.com. “The average consumer wants to enjoy the same type of technology features in their car as in their home or smartphone.”
 
Prior to 2009, the vast majority of drivers using LeaseTrader.com as a way to change vehicles because of technology features resided primarily among higher-end luxury and European vehicle leases. 85.3% of all trading activity took place among BMW, Mercedes-Benz, Audi, Infiniti and Lexus. Since 2009 that population has changed drastically, with Ford (16.2%) and GM (11.1%) stealing a much larger share within the category combining for 27.3% of trades.
 
A lot of the technology being traded for goes well beyond 9-11 assistance, made popular by GM and OnStar. Today, voice-recognition technology, the ability to synch a smart phone with a vehicle, social media capabilities, and local entertainment and dining searches are all popular technology sought out by the leasing crowd. What’s more, these drivers are enjoying better access to vehicle diagnostics, as well as the ability to get stock quotes, movie times and sports scores at their fingertips or through voice command.
 
“What you’re seeing today is the merging of an explosion in appetite between some very exciting new technology and the consumer’s ability to change their vehicle more frequently,” said Sergio Stiberman, CEO and founder of LeaseTrader.com.
 
Top cars on LeaseTrader.com for technology trades:

  • BMW 5 Series
  • Mercedes C Class
  • BMW 3 Series
  • Ford Edge
  • Lincoln MKZ
  • Chevy Cruze
  • Lexus GS
  • Audi A6
  • Infiniti G37


SOURCE: LeaseTrader.com

View comments or post a comment on this story. (0 Comments)

More News

Protest Mob Burns Limousine After Inauguration

The anti-Trump street melee resulted in a torched Lincoln MKT stretch parked along a D.C. street.

President Trump Will Temporarily Use Obama's Limo

His all-new Cadillac limousine won't debut for another few months.

9 Facts You Didn't Know About Driverless Cars

While there are certainly concerns around self-driving cars, there's virtually no stopping this technology now.

Women's March Takes More Buses Than Inauguration

Three times as many bus permits have been issued for the Jan. 21 protest than for the Jan. 20 swearing in of Donald Trump.

New S-Class: The Most Luxurious Self-Driving Car?

With such features as mood-inspiring scents and heart rate monitors, the German automaker's flagship model is turning heads.

See More News

Facebook Comments ()

Comments (0)

Post a Comment

Submit

Blogs

See More

See More

See More

See More

LCT Store

LCT Magazine - January 2017 $12.95 THE MONEY ISSUE COVER STORY: * Dashboard Helps Steer Company Finances * *



Connect

Experience the three annual industry events for networking for business, showcasing vehicles and products, and getting the tools for success.

Read About Your Region

What’s Happening Near You?
Click on any state to see the latest industry news and events in that region.

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Metro Magazine

Serving the bus and passenger rail industries for more than a century

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

Please sign in or register to .    Close