Leasing hit a record 26.9% of new-vehicle volume in the second quarter, according to Experian Automotive.
That was barely ahead of the previous record, set in the first quarter at 26.7%, and it makes five out of the last six quarters with lease penetration higher than 25%.
Affordability is helping to drive the increase in leasing, said Melinda Zabritski, Experian’s senior director of automotive finance. The average monthly lease payment dropped $13 a month in the second quarter, to $394, from $407 a year ago, Experian Automotive said.
As with loans, some consumers are stretching out lease payments over longer terms, to achieve lower monthly payments. Most leases are still for 36 months, but Experian Automotive said about 22% of leases in the second quarter were in the 37- to 48-month range, up from about 19% a year ago.
The average new-vehicle loan payment was $483 in the second quarter, up from $467 a year ago, according to Experian Automotive, Schaumburg, Ill.
