SCHAUMBURG, Ill. (12/4/15)--Consumers are leasing vehicles at a record pace, as leasing accounted for nearly 27% of all new vehicle transactions in the third quarter, according to Experian.
That marks the highest share of transactions since Experian began tracking the data in 2006. On an annual basis for 3Q, the percentage of leases is up from 24.7%.
Meanwhile, the average amount financed for a new vehicle was $28,936, a $1,137 increase annually, while the average for a used vehicle in the third quarter was $18,866, a $290 increase over the previous year.
“As the price for a new or used vehicle continues to rise, leasing has become a more viable financing option for consumers looking to maintain an affordable monthly payment,” said Melinda Zabritski, Experian senior director of automotive finance. “While consumers can save an average of $84 per month by leasing rather than taking out a loan on a new vehicle, they should make sure leasing fits their lifestyle. Oftentimes there are mileage caps and other considerations that consumers should familiarize themselves with before entering into a leasing agreement.”
Additional data from the report: