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Record Number of Americans Leasing Autos

Washington DC June 2, 2015; The AIADA online newsletter reported that with new vehicle prices climbing to all-time highs, a record number of Americans are turning to leases in a bid to keep monthly payments as low as possible, reports CNBC.

"The difference between a monthly payment for those leasing a new vehicle versus those who buy new is almost $100," said Melinda Zabritski, senior director of Experian Automotive. Officially, the latest report on automotive lending by Experian Automotive found the average new vehicle lease monthly payment in the first quarter was $405 while the average monthly payment for a new vehicle loan was $488. In addition, while the average monthly payment for those buying a new vehicle increased $14, the average monthly payment for those leasing actually fell $7 compared to the same time last year.

The numbers help explain why Experian found an all-time high of 31.46 percent of new vehicles financed in the first quarter were leased. Just five years ago, Experian says, the percentage of new vehicles leased was 24.05 percent. "Leasing has become more popular because the price of vehicles continues to go up," Zabritski said. For more on leasing’s growing popularity, click here.