Experian Automotive Study Looks at Growth in Leasing

Auto ana­lysts have been fore­cast­ing increas­es in off-lease units for the next few years, which is being sup­port­ed by an Exper­ian Auto­mo­tive study. The report says that leas­ing account­ed for near­ly 27% of all new vehi­cle trans­ac­tions, up from 24.7% the pre­vi­ous year. Exper­ian says that it marks the high­est per­cent­age of vehi­cles leased since the com­pa­ny began track­ing the data pub­licly in 2006.

Here are oth­er key find­ings from the Exper­ian Auto­mo­tive study:

  • The report showed that the aver­age month­ly lease pay­ment was $398 dur­ing the quar­ter, up $1 from a year ago.
  • As new and used vehi­cle prices con­tin­ue to rise, leas­ing has become a more viable finance option for con­sumers look­ing to make month­ly pay­ments. Leas­ing saves them an aver­age of $84 per month rather than tak­ing out a loan on new vehi­cle.
  • Dur­ing Q3 2015, the aver­age amount financed for a new vehi­cle was $28,936, up $1,137 from the pre­vi­ous year. The aver­age amount financed for a used vehi­cle was $18,866, up $290 over the same time peri­od.
  • The gap between new and used vehi­cle loan amounts also has grown. On aver­age, con­sumers finance $10,070 less on a used vehi­cle than on a new one.
  • The per­cent­age of con­sumers who took out new and used vehi­cle loans with terms between 61 and 72 months reached all-time highs.
  • Cap­tive lenders have increased their pres­ence on the mar­ket. In the third quar­ter of 2015, OEM finan­cial arms financed 51.6% of new vehi­cle loans, up from 36.8% in Q3 2011.
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