10 most popular new-model leases in Q2
When Experian Automotive discovered the Top 10 most popular new vehicles leased during the second quarter, a reason why these models were included became apparent. In most cases, the difference in average monthly payment between a lease and an installment contract was at least $100.
Here’s the rundown of those models and payment metrics according to the latest State of the Automotive Finance Market report:
1. Honda Civic
Loan payment: $362
Lease payment: $251
2. Honda Accord
Loan payment: $431
Lease payment: $318
3. Toyota Camry
Loan payment: $427
Lease payment: $303
4. Honda CR-V
Loan payment: $421
Lease payment: $325
5. Ford Escape
Loan payment: $412
Lease payment: $316
6. Toyota Corolla
Loan payment: $357
Lease payment: $263
7. Ford Fusion
Loan payment: $408
Lease payment: $300
8. Toyota RAV4
Loan payment: $436
Lease payment: $328
9. Chevrolet Equinox
Loan payment: $424
Lease payment: $293
10. Nissan Altima
Loan payment: $424
Lease payment: $298
Along with these 10 models, Experian also mentioned that the average term of lease is what's common to see at franchised store showroom and F&I offices — an average of 36 months. However as Auto Remarketing reported earlier, longer lease terms are gaining steam.
Terms lasting 25 to 36 months constituted much of the leasing activity during the second quarter (67.36 percent). But analysts also noticed that leases ranging from 37 to 48 months represented 22.28 percent of the Q2 volume.