Since the Recession, Company Cars Have Become More Diverse, and Entrepreneur-Focused
What does today’s company car look like? Make and model aside, what is different between the type of car used for business today versus five or ten years ago? Sure, many business people, as well as businesses, lease a car, particularly for tax benefits. But what else has changed since the recession?
Swapalease.com, the world’s largest online marketplace for car leases, works with professionals of all business sizes to find the right match for their company car. Below are some highlights of recent marketplace analysis you might be interested in for a story on how the company car has changed over the years:
- 55% of Swapalease.com customers are leasing their car for business, up from 52.5% in 2010. This shows that car leasing for business continues to grow coming out of the recession, and mirroring the growth of the broader economy.
- The majority of business customers lease their vehicle for an average of 18 months, down from 23.4 months in 2010. This shows that more businesses are looking for shorter terms on their company car lease in an effort to keep more flexible terms on the contract.
- 27.6% of Swapalease.com business customers consider a hybrid vehicle model when shopping for their next company car, up from 18.2% in 2010. This shows that businesses are looking to be more environmentally friendly with their company car today.
- 36.3% of Swapalease.com business customers are either entrepreneurs or from “family business” entities, up from 27.2% in 2010. This growth mirrors economic trends following the recession when many people were downsized from their corporate jobs and started their own businesses.
“The company car of today has undergone a noticeable shift compared to years past,” said Scot Hall, Executive Vice President of Swapalease.com. “Prior to the recession, many professionals and executives preferred entry- and mid-size European luxury brands. However, today our business customers drive a more diverse set of vehicles, including trucks, domestic sedans and hybrids.”
No doubt, the company car of today, reflecting more diverse choices, is different than what it was five years ago.
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.