New vehicle prices are at an all-time high and American’s are taking note. A record breaking amount of buyers signed to lease a new vehicle over financing to own this first quarter of 2015.
“The difference between monthly payments for those leasing a new vehicle versus those who buy new is almost $100.00.”
-Melinda Zabritski, Senior Director of Experian Automotive.
According to officials at Experian Automotive, they have found that the averages of leasing vs. owning a new vehicle shows monthly payments of the lease falling at $405 per month, where as the average of owning is at $488 per month.
Furthermore, the monthly average payment for owning a vehicle has rose $14 a month over the past year. The monthly average for leasing a new vehicle? This payment has actually fallen an average $7 per month! These may not be large numbers but they make the difference for those that need to keep a tight hold on their budget.
31.46% of new vehicles financed were leased in the 1st quarter of 2015!
Leasing has become so much more popular due to people needing lower payments monthly. To finance a new car is to sign up for (an average) 67 month commitment of higher payments. Additionally, a record 29.5% of those taking out a new vehicle loan are stretching their loans out for 72 to 84 months! (6 to 7 years!)
Despite the increase in new and used vehicle pricing, the percentage of loans that are in delinquency or facing default have actually decreased over the past year.
McGrath Family of Dealerships will not pressure you to lease or to buy. We want to make sure whatever you choose fits your lifestyle perfectly. We would be happy to answer any questions you may have about how leasing could work for you! Please click to get answers now!
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Article Reference: Record highs of Americans leasing vehicles