Alt. Fuel Technology Improves Significantly Every Few Years; Enables Driver Appetite for Upgrades
CINCINNATI, OHIO (January 24, 2018) – Swapalease.com, the nation’s largest online auto lease marketplace, offers new data that show the growth of Alternative Fuel vehicles in the lease marketplace, including hybrid and Electric Vehicles (EV). The analysis shows that Alternative Fuel vehicles now make up roughly 7.5% of the Swapalease.com marketplace, up from 5.5% back in 2015.
The analysis comes on the heels of a report by Bloomberg New Energy Finance, showing that lease penetration in the U.S. for Electric and Alternative Fuel vehicles is approximately twice as much as gas counterparts. While roughly 31% of all vehicles are leased in the U.S. the Bloomberg report shows that as many as 80% of battery electric vehicles, and 55% of plug-in hybrids are leased. Tesla, which doesn’t sell through a dealer network, isn’t included in these figures.
The Swapalease.com analysis shows that the Toyota Prius currently represents 47%, nearly half, of the entire Alternative Fuel inventory on Swapalease.com inventory at the end of 2017, down from 52% in 2015. Tesla currently holds 23.3% of Swapalease.com inventory; followed by the Chevrolet Volt (14%); and the Nissan Leaf (11.2%). Other manufacturers and models make up 5% of the Alternative Fuel lineup on Swapalease.com.
Tesla has grown the most share of the Alternative Fuel inventory on Swapalease.com between 2015 and the end of 2017, jumping 25% during that time. The Toyota Prius, in comparison, has grown just 4.2% during the same time frame. While the Chevrolet Volt has remained almost flat in growth during those two years, the addition of the Chevrolet Bolt has also grown significantly adding to the Chevrolet Alternative Fuel lineup.
“We fully expect Alternative Fuel vehicles to continue their growth in not only the Swapalease.com marketplace, but in leasing overall,” said Scot Hall, Executive Vice President of Swapalease.com. “Alternative Fuel technology is a microcosm of the rationale for leasing in that people realize the technology improves significantly in just a few years, therefore they want the ability to upgrade and change into a different vehicle during that time frame.”
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.
Author: Digital Dealer
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