Leasing Vehicles Gaining Popularity
Auto Dealers have noticed a recent trend that has them pleasantly surprised. The number of leases they are closing per month have made an impressive comeback. Experian Automotive reported that leasing are making up over 25% of all new vehicle sales. These totals are close if not record-breaking for most manufacturers and dealers.
So why is this trending? A couple of factors may be contributing to the shift back to leasing. First, leasing a vehicle is usually cheaper than purchasing one since you are only paying the depreciation value of the vehicle.
Everyone likes lower monthly payments, and car buyers are no exception. Secondly, with technology changing so rapidly, people don’t want to keep a car for 10 years when hat technology will be outdated in 3-5 these days.
Lastly, interest rates have been attractive for a while now as the economy is recovering, so buyers are taking advantage of low rates for their leases.
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