Carmakers ramp up auto lease deals, according to The Detroit News.
An estimated 3 million U.S. drivers will turn in leased vehicles this year, igniting competition among automakers eager to lease or sell them new ones, and providing a large pool of late-model used cars and trucks for those seeking cheaper alternatives.
Lease “pull-ahead” deals — which let motorists turn in leased vehicles early so they can get into a newer car — could grow 20 percent in 2014 compared to last year, according to Swapalease.com, a website that matches customers who want to end their lease agreements early with people who are looking to take on a short-term lease. The trend is an indicator of a growing consumer hunger to drive the latest and greatest.
The offers come as the new-car selling rate is slowing and the auto industry’s daily inventory levels are at their highest level in five years, according to researcher ALG.