Share of all new U.S. vehicles that are leased 2017-2024

Over one-fifth of new vehicles in the United States were leased in 2024, with the rest being sold outright. The percentage found in the third quarter of 2021 was even higher, with 27.7 percent of new vehicles in the U.S being leased that year. 

Why lease a vehicle?

When leasing a vehicle, the cost of depreciation is absorbed by the leaser, rather than the consumer. Similarly, maintenance costs are often paid by the company leasing the car, in order to keep the car in good condition for eventual sale after the lease ends. Finally, with the interest rates on auto loans between seven and eight percent on average for a 60-month loan in 2024, financing a car purchase can add a significant amount to the sticker price. 

The auto market in the United States

Vehicle sales in the United States amount to millions of cars per year. Through leasing new cars, drivers have the opportunity to enjoy a new vehicle without worrying about the longer term issues of car ownership. For suppliers, the cars retain a significant portion of their original value. After the lease, suppliers can then sell them in the automotive aftermarket.