SUVs Dominate The Top 10 Leased Vehicles of 2022
As more and more people are choosing to lease vehicles rather than buy them outright, larger vehicles like SUVs and crossover utility vehicles (CUVs) have been some of the most desired models for consumers to drive. According to Experian’s State of the Automotive Finance Market Report: Q1 2022, SUVs and CUVs made up 60.38% of leased vehicles in the first quarter of 2022, largely due to their high fuel efficiency and cargo space. This is an increase when compared to a similar percentage of 58.95% at this same time in 2021.
While SUV models like the Chevy Equinox, Honda CR-V, and Toyota RAV4 take up significant space in the top 10 most leased models of Q1 2022, the Honda Civic sedan maintains its place at #1 on the list thanks to its reliability and financing options.
For buyers, the average monthly payment for a car loan on a new vehicle was $648 in Q1 of 2022. Whereas customers with a new leased vehicle only pay $522. Meanwhile, the average monthly payment for a pre-owned vehicle came in at $503.
Leasing has become a more financially-responsible option for consumers in the last few years, considering that they offer lower monthly payments when compared to an auto loan. In Q1 of 2022, there would be an average monthly difference of $126 between a loan and a lease.