Why do millennials lease at a higher rate than other customer segments?
When it comes to car purchases, millennials c
hoose not to commit. For an increasing number of 18- to 34-year-olds, leasing is the preferred option for car ownership, experts say. In fact, millennials lease at a higher-than-average rate. Recent data from car shopping and industry analysis website Edmunds.com (edmunds.com) shows leasing accounted for 28.9% of all new-car purchases by millennials in 2015, higher than the industry’s overall lease penetration of 26.7%. The millennial lease penetration rate for new-car purchases increased 46% in the past five years. In the same period, lease penetration increased 41.7% for the whole industry. Why do millennials lease at a higher rate than other customer segments?
