These Are The 10 Most Popular Leased Vehicles of 2023 (so far…)
With the prices of new vehicles being out of reach for some customers, some buyers found more satisfaction in leasing a new vehicle than buying it. It can be a lot more forgiving on your wallet, and many use it as an opportunity to build their credit score.
In 2022, approximately 20% of new vehicles in the U.S. were leased. Pickup trucks tend to take up a significant majority of leases, as nearly 2.5 million trucks were out on lease versus nearly 1 million leased cars. The Ford F-150 seized the top spot by accounting for 2.52% of all new leased vehicles, and the Chevrolet Silverado 1500 arrived in fourth place as the other frequently leased pickup truck by taking up 2.18% of the leasing market.
According to data collected by Experian, the Tesla Model 3 had risen to be the seventh-most leased vehicle in the U.S. in the 2nd quarter of 2023, as well as the first electric vehicle to break into the Top 10 list. Nearly 25% of all Telsa Model 3’s expected to leave dealerships were out on lease, accounting for 1.79% of all leased vehicles in the county. This was a significant increase when compared to its performance following the 2nd quarter of 2022, accounting for only 16% of all new Tesla Model 3’s.
Top 10 Leased New Vehicles Q2 2023
|Rank||Model||% of leasing market|
|4||Chevrolet Silverado 1500||2.18|
|5||Jeep Grand Cherokee||1.97|
|7||Tesal Model 3||1.79|
While coupes and SUVs like the Honda CR-V, Nissan Rogue, and Jeep Grand Cherokee placed higher on the list, more shoppers are beginning to gravitate towards leasing EVs like the Tesla Model 3 due to the available tax incentives that come with it.
However, it should also be noted that high-interest rates of other vehicles could also have aided in the Tesla Model 3’s leasing success, in addition to Tesla’s moves to lower the MSRPs of new vehicles.