Premier Financial Services — a finance company that specializes in leasing luxury, exotic vehicles to consumers — found that a “very small percentage” of its lessees go full term, Mitch Katz, the company’s chief executive and founder, told Auto Finance News.
Consumers can sign up to lease an exotic vehicle through Premier Financial Services’ website to find their optimal vehicle and deal. “Typically, most of our leases are 60 months and by the end of 36 months, about 70% have been paid off,” Katz said. “By 60 months, it’s probably about 10% that have gone full term.”
Exotic vehicle owners want to change vehicles every two or three years, Katz noted in the release. “On average, our customers are switching between 24 to 30 months, getting out of their car and getting into something new,” Katz said.
Over 50% of the company’s portfolio consists of returning customers, he added, so “about half” of their customers are in and out of a vehicle on a regular basis.
Additionally, Premier found that the overall demand and average price for luxury and exotic vehicles have continued to increase since 2012. Over that five-year period, Ferraris, Porsches, McLarens, Aston Martins, and Lamborghinis have continued as the most popular marques in Premier Financial Services’ portfolio, according to a company press release.
Some of the other exotic vehicles that have grown in popularity over the past five years include Bentley, Rolls Royce, Maserati, Bugatti, and Tesla.
