Average monthly new automobile lease payment in the U.S. 2021-2024

The average monthly payment for a super prime car lease in the United States was 594 U.S. dollars in the first quarter of 2024. The monthly payments increased significantly for all car loans in 2022 and 2023. However, in 2024, the value of monthly payments for prime and super prime loans fell slightly.

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.