Lease penetration is down for the first time since 2012, and the decline in leases written is twice as high as the drop in overall new-car sales, according to latest Lease Market Report from Edmunds.
As lease offers abound, monthly payments on 39 vehicles maintained their current price points, according to analysis shared by Wantalease.com on Tuesday.
The newest report from AlixPartners — whose client roster includes corporate boards and management, law firms, investment banks and other kinds of investors — cautioned the industry that a “used-car time bomb” is about to explode.
Your credit is good and the lease contract on your 2015 vehicle is about to expire: what are your options? You could choose to pay the residual and keep your current ride. You could trade the vehicle for a new one or for an alternative used car.
In lieu of the traditional test drive, a number of shoppers are most interested getting the best deal possible, says eAutoLease chief executive officer and founder Zoriy Birenboym.
Wantalease.com highlighted on Thursday that there currently are 15 vehicles offered for a monthly payment of $199 or less; and three models where the monthly commitment is below $150.
It appears consumers’ desire for a luxury model and their financial capacity to take over a lease didn’t mesh together well last month.
Used-car buyers are shelling out close to 4-percent more money on their down payment than they were a year ago, according to data released Friday by Edmunds.
And their down payments — which averaged $2,529 in May — are more than 12 percent higher than five years ago.
The wave of off-lease vehicles volume is at its “high tide,” according to Scotiabank, which says lease return numbers — and their subsequent impact to used-car prices — should begin to calm down.
Along with some insight regarding behavior of new college graduates, Swapalease.com on Monday reported credit applicants for vehicle lease transfers dropped in April on both a sequential and year-over-year basis. However, the downward movements didn’t surprise site officials.