Ever since the Tesla Model S hit the market, the EV manufacturer has been taking sales away from luxury brands like Mercedes-Benz, Lexus, and Audi. A recent report by Swaplease.com confirms the trend is continuing.
This latest Swaplease.com report looks at vehicle lease payment, term, shopping consideration, and driver preference trends for vehicle leasing in the last quarter of 2020.
One automaker stood out of the pack: Tesla. When looking at brand search trends, the company saw a 55 percent increase for Tesla over the last twelve months. They say that was one of the largest increases by any brand in recent history. Although, the report doesn’t say what percentage of all traffic was Tesla.
“The consumer demand for Tesla is very real, and while Tesla doesn’t have a traditional retail network, the vehicle’s makeup positions it perfectly for a lease environment,” said Scot Hall, Executive Vice President for Swapalease.com. “As it’s in the luxury category, many drivers enjoy the ability to lease rather than finance a Tesla. Furthermore, drivers feel the battery technology is improving at a rapid rate and enjoy the ability to change or upgrade every few years.”
Another brand that stood out was BMW. It’s the most searched brand on that particular marketplace. The German automaker hit 19 percent of the site’s total traffic, up from 17 percent in the third quarter of 2020. BMW dominates every other brand on Swaplease.com. Merceds-Benz is second with 7 percent, down from 8 percent in Q3. Audi is third with 4 percent.
The report also points out that Japanese brands Honda, Acura, Nissan, and Infiniti continue to see falling search numbers on the company’s site due to their “unfavorable lease and lease transfer policies.”
This is another win for BMW. Last week, we reported that BMW, not Tesla or GM, is the largest U.S. automotive exporter by value. As for Tesla, the rise in lease searches could be partially attributed to the increase in leasing options over the past year, among other reasons.
In case you're curious, the average lease amount per month in the U.S. in Q4 of 2020 was $519.46. The most expensive leases are for Mercedes-Benz models, those average $826.72 per month.