Chevrolet Volt, Toyota Prius Lessees Want Out Early, Survey Says
- Chevy Volt drivers want to turn in their lease cars after just 12 months and Toyota Prius drivers after less than nine months, according to Swapalease.com.
- The average turn-in time for all vehicles on Swapalease.com is 14 to 16 months.
- A Swapalease.com spokesman suggests the turn-in rates for the hybrids could be the result of falling gas prices.
CINCINNATI, Ohio — Chevrolet Volt drivers who list their vehicles on Swapalease.com want to end their 36-month leases after an average of just 12 months, while Toyota Prius drivers are trying to ditch their vehicles less than nine months into their leases.
Swapalease.com, a marketplace for the transfer of leases between private parties, said the average turn-in time for all vehicle leases is 14-16 months. The average monthly lease payment was $410, according to the firm's data for April.
"Falling gas prices may be having an effect on lease drivers of hybrid and electric vehicles," said Scot Hall, executive vice president.
The company's data suggests otherwise. Nor did Swapalease address the discrepancy in lease prices between similar models for each brand.
Chevrolet Cruze lessees attempted to get out of their leases at about the same time as Volt lessees, but the average monthly payment on a Volt lease was $111 higher than for a Cruze.
Volt lessees paid an average of $385 a month and wanted to exit their leases after 11.9 months, according to Swapalease. Lessees of Chevrolet Cruze wanted out about the same time — after just 12.2 months — while paying just $274 a month.
Prius lessees paid an average of $432 a month and wanted to exit their leases after 8.3 months, according to Swapalease. Lessees of Toyota Corolla paid $309 a month and wanted out after just 6.9 months.
In comparison, among 20 vehicles surveyed in April by Swapalease, Ford Escape lessees kept their vehicles longest — an average of 19.8 months — before attempting to exit, followed by Infiniti G37 lessees at 17 months.
Among the shortest lease times were the Honda Civic, whose lessees wanted out after just 3.9 months, and Jeep Grand Cherokee, whose lessees tried to exit after only 6.8 months.
Edmunds says: The Volt and Prius seem to be in the middle of the pack, in both turn-in time and price, of the vehicle lease bail-outs reported by Swapalease.com.