Most students graduating now are Millennials, born between 1980 and 2002. Accounting for more than 80 million in the population, Millennials now outnumber Generation X and Baby Boomers. With so many people graduating this year, what should you give as a graduation gift? Something simple – help grads get rid of their car.
According to the National Retail Federation, Americans are on track to spend over $4.7 billion in cash, gift cards, clothing and electronics for graduates this year. They’re also facing a still-tough job market. Today’s crop of new B.A.s are staring at roughly 8.5 percent unemployment and 16.8 percent underemployment, according to the Economic Policy Institute.
With student debt exceeding one-trillion dollars, it has surpassed credit card debt in America. Recent graduates need to find ways to cut down their costs and transferring out of their lease might just be the answer. One viewpoint is to get them out of their current car payment so they can either downsize or participate in car-sharing programs. Too practical? Perhaps. But going against the grain might be the best option, and it’s also a growing trend nationwide.
According to Swapalease.com, roughly 9.6% more college-aged users are expected to shed their car lease this graduation season compared with the same time last year, and up 13.4% compared with 2012. Why such a savings? They avoid breaking the lease by handing it over to someone else, and the monthly car payment stays in their pocket. According to Swapalease.com Executive VP, Scot Hall, this is a trend that’s expected to grow as long as student debt remains a pressing issue.
As for the need to drive to a job interview? Get a cheaper car or share a ride with a friend. How can you help grads in the near term so that they’re a better customer down the road?
For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, contact Swapalease.com at 866-SWAPNOW.