Chevrolet Volt, Toyota Prius Lessees Want Out Early, Survey Says


  • 2013 Chevrolet Volt Picture

    2013 Chevrolet Volt Picture

    Chevrolet Volt lessees paid an average of $385 a month and wanted to exit their leases after 11.9 months, according to Swapalease. | May 10, 2013

2 Photos

Just the Facts:
  • 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, OhioChevrolet 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.

Comments

  • empowah empowah Posts:

    Without knowing sample sizes and distributions, this is completely meaningless data. The vast majority of vehicle lessees continue their leases for the full term, regardless of vehicle.

  • ikagan ikagan Posts:

    Very missleading headline.

  • sjw91_ sjw91_ Posts:

    I think the Civic is the bigger story.

  • quadricycle quadricycle Posts:

    ^I'm disappointed to see a headline like that, which then leads to an article talking about the actual lease times being mid-pack, on Edmunds. Also, this "Survey" is one lease site. On the whole a very poor article, even if some of the information was somewhat interesting.

  • mr_kq mr_kq Posts:

    This article is crap. Without more details it is totally meaningless and the headline is misleading.

  • ed124c ed124c Posts:

    Gee, I never knew you could opt out of a lease. Of course, I have never had a car lease-- or any type of lease, come to think. My feeling is: You signed a contract, now live up to it and stop whining.

  • lmbvette lmbvette Posts:

    Edmunds, what a misleading title. The title was clearly meant to imply some sort of commentary on hybrids, that when reading further, is completely false. Please retain a shread of decency and either re-title the article, re-write it or just delete it. Sigh.

  • The title is not misleading, it simply says Volt and Prius owners want out early on the lease. The suprise to that is those buyers more than likely would continue with the lease for the term just because of fuel MPG. The big surprise if they want out early, and I don't blame them. Have you ever driven a Prius, talk about a BORING car to drive. Everyone that leases a car want's out early at some point. Very few people go the term in a lease. Swap-a-lease is very big, but the problem is the individuals that lease the car are probably paying to much and want to pass their mis-fortune onto someone else.

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