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Why Leasing Matters - June 2023
Lease penetration in decline
In the years before the pandemic, leasing accounted for 25-30% of all retail transactions, and were as high as 53% in the luxury market. But in the most recent 12 months, lease penetration is down over 10 points to only 17% (Fig 1).
Rising interest rates and new vehicle prices are driving this trend. Instead of leasing, customers are increasingly financing new vehicle purchases for longer terms. 84+ month loans have grown from 5.4% of retail loan in 2021 to 10.4% in 2023.
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Read our full US Mobility Insights from S&P Global Mobility. Our June 2023 report focuses on lease penetration on the luxury and mainstream vehicles, EV´s, geographic variance in leasing and how to understand lease buyout behavior.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.