The share of new vehicles financed by lease rose to the highest level since 2006, according to a new report from Experian Automotive.
According to Experian’s State of the Automotive Finance Market, 28.4% of all new vehicles financed in the fourth quarter of 2013 were leases, up from 24.8% in the prior-year period. By comparison, leases accounted for 19.2% of new-car financing in 2008.
The report also said average monthly lease payments for 4Q2013 were $51 lower than the average loan payments. Specifically, average new loan payments were $471, while new lease payments were $420.
“Leasing continues to grow in popularity among car shoppers, especially those hoping to stay within a strict monthly budget,” said Melinda Zabritski, senior director of automotive credit for Experian Automotive.
Auto Finance News will be looking for more clues on the outlook for leasing and remarketing at the Conference of Automotive Remarketing in Las Vegas this week.
