The average monthly payment for a super prime car lease in the United States was 563 U.S. dollars in the second quarter of 2023. This was an important increase in comparison to the previous two years.
What affects lease payments?
Leasing involves one party making regular payments to another party for a fixed period of time in return for the asset of a particular asset, e.g. a car. Economists look to the intersection of supply and demand when they want to explain prices. In this case, the supply is the level of automobile production. Demand is more difficult to measure, but the consumer sentiment index gives an idea of buying attitudes and consumer reactions to economic conditions.
Leasing and the secondary car market
Depending on the period, nearly a third of new vehicles are leased, rather than sold. This is good for consumers because the maintenance and depreciation costs get shifted to the dealership. After the lease term expires, the vehicles return to the dealer. At that point they can be resold as part of the used vehicle market. Because the vehicles have already depreciated, they are more affordable. A significantly lower proportion of used vehicle purchase require financing in the United States.
Average monthly vehicle lease payment in the United States from 2021 to 2023, by risk tier
(in U.S. dollars)
Characteristic
2021
2022
2023
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Experian. (August 23, 2023). Average monthly vehicle lease payment in the United States from 2021 to 2023, by risk tier (in U.S. dollars) [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/453170/average-monthly-new-automobile-lease-payment-usa/
Experian. "Average monthly vehicle lease payment in the United States from 2021 to 2023, by risk tier (in U.S. dollars)." Chart. August 23, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/453170/average-monthly-new-automobile-lease-payment-usa/
Experian. (2023). Average monthly vehicle lease payment in the United States from 2021 to 2023, by risk tier (in U.S. dollars). Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/453170/average-monthly-new-automobile-lease-payment-usa/
Experian. "Average Monthly Vehicle Lease Payment in The United States from 2021 to 2023, by Risk Tier (in U.S. Dollars)." Statista, Statista Inc., 23 Aug 2023, https://www.statista.com/statistics/453170/average-monthly-new-automobile-lease-payment-usa/
Experian, Average monthly vehicle lease payment in the United States from 2021 to 2023, by risk tier (in U.S. dollars) Statista, https://www.statista.com/statistics/453170/average-monthly-new-automobile-lease-payment-usa/ (last visited August 24, 2024)
Average monthly vehicle lease payment in the United States from 2021 to 2023, by risk tier (in U.S. dollars) [Graph], Experian, August 23, 2023. [Online]. Available: https://www.statista.com/statistics/453170/average-monthly-new-automobile-lease-payment-usa/