CLEVELAND--Many in attendance at the Cleveland Auto Show say they're considering a short-term lease for their next vehicle.
And that trend isn't new.
- Millennials are more apt to choose a short-term lease instead of buying a new vehicle
- Big trends, as always, are new technology and fuel efficiency
- Nielson research shows that 73% of millennials would be willing to spend more on a vehicle if they knew it was coming from an eco-friendly brand
“Anymore, on new cars, the trend for the last five or ten years has been leasing. It's always great to look at a certified pre-owned car. That way you still get a new car warranty,” said Great Lakes Honda of Akron representative Marvin Burke.
And for most millennials, it's the most cost-effective option.
“I think everyone leases, anyone that buys something new like this, they're leasing,” said Madison resident Tyler Schimpf.
“You're not really tied in, and again, you can kind of have fun with the car and then, you know, part ways after two or three years with it,” said Olmsted Falls resident Evan Olbrych.
"Everyone has a budget, leasing makes it a very easy, low-cost, low-maintenance, no-worry type of vehicle to get you back and forth to work,” said Klaben Ford Kent representative Branden Johnson. “You know if you're on a three-year warranty and you have a three-year lease, you're covered the entire time, so you never have to worry about the big expensive breakdowns.”
When it comes to eco-friendly options, millennials are creating demand for hybrid and electric vehicles.
Prices are creeping down slightly and those in the auto industry say more public awareness about these types of vehicles is needed.
“With the clarity of plug-in and gas, you start speaking about 100 miles per gallon. Between 25 and 35 thousand. On both coasts they're much more common,” said Burke.
“You hear a lot of news about the manufactures moving into that direction of electrifying their whole entire fleet. It will take some time because the charging stations need to be built up,” said Cleveland Auto Show President Lou Vitantonio. “The infrastructure needs to be built. But we have them here.”
The Cleveland Auto Show takes place at the I-X Center and runs through Sunday.