Leasing penetration continued to rise in the first quarter as inventory levels normalized and incentives on electric vehicles slightly increased. Leases accounted for 24.1% of new vehicle purchases in Q1, up from 19.3% in Q1 2023, as reported in Experian’s Q1 State of the Automotive Finance Market Report released on May 30.
FAQ
1. What was the leasing penetration percentage in Q1?
2. What factors contributed to the increase in leasing volume?
Conclusion
The data from Experian’s report indicates a steady growth in leasing penetration in the automotive market. As inventory levels stabilize and incentives on electric vehicles improve, more consumers are opting for leases. This trend is likely to continue in the coming quarters, reflecting the evolving preferences of car buyers.
