Pre-recession, driving a fancy car was the status symbol of choice. You were what you drove and you drove to impress. This attitude led to the practice of leasing the fanciest car you could afford.
So now, if we may read the tea leaves: Which occupations are the most anxious to dump the Hummer lease because well, their financial GPS isn't pointing to a good bottom line?LeaseTrader.com analyzed which categories of professionals were downsizing away from expensive car leases -- a good indicator of personal finances. The data comes from people who list their vehicles on the site, hoping to find someone to take over the lease.
Their conclusions: Doctors are doing the worst today because of the frustrations and costs involving health care. Realtors were still experiencing financial pain because of the slow housing market, but they were no longer the worst off. Two years ago, realtors topped the list with 68% escaping their car leases for financial reasons.
Today, 54% of the doctors trying to unload their leases cited financial reasons as why they wanted a less expensive car. They were followed by 51% of the lawyers, 43% of realtors, 32% of financial executives and 17% of insurance brokers.
LeaseTrader.com noted that professional women had fewer listings than men, reinforcing the idea that this is a "He-cession" that has been impacting men more than women. To be included in the report, a driver had to list one of the above industries for employment and place a car valued at $40,000 or more in the LeaseTrader.com marketplace.
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