Miami, FL — LeaseTrader.com, the nation’s most popular car lease marketplace, reports more miles being left on leases listed in its lease swap marketplace, reflecting a still-high unemployment environment in the U.S.
Especially in heavy urban areas prone to lots of driving, such as Southern California, New York, Florida and throughout the Mid-Atlantic region, new LeaseTrader.com data points toward people driving fewer miles with their auto lease contracts. Mileage is a critical factor in the overall cost to drive a lease and consumers ultimately pay more for a lease when they exceed the mileage allowed as stipulated on their contract.
Most lease contracts allow people to drive an average of 12,000 miles per year (or 1,000 per month). Over the last three years the number of "miles remaining" on LeaseTrader.com vehicle listings has steadily increased. Comparing data over the last three years on BMW 3 Series vehicles with 12,000-miles-per-year contracts shows that listed monthly miles remaining has gone from 856.7 in 2008 up to 972.1 in 2010, an increase of 13.5 percent. A similar comparison for Cadillac CTS reflects an increase of 15 percent (960.3 in 2008 up to 1104.1 in 2010).
"Job loss continues to be our largest reason for a person transferring out of his or her car lease," said Sergio Stiberman, CEO and founder of LeaseTrader.com. "Naturally, when a person experiences job loss the car is being used less resulting in fewer miles put on the vehicle. Customers taking over these leases are able to experience the added benefit of having more miles to play with when they adopt the remaining portion of the lease."
LeaseTrader.com works with people who’ve lost their job to find a credit-qualified individual to take over the remaining portion of the lease contract and walk away with credit unharmed.