Lease Payments Climb 4 Percent
Following a few months on the downward tilt, average monthly payments for leases on the road climbed last month, but this increase doesn’t appear to have put a damper on the popularity of leasing, says Swapalease.com.
In an analysis released Tuesday, the site indicated that the average monthly lease payment in February for cars on the road was $591.70.
In January, the average payment was $572.42, and in February 2013, the payment was $569.23 on average.
“Our data show that the average lease payment for vehicles on the road today reversed course from the previous months,” said Scot Hall, executive vice president for Swapalease.com. “This increase in price is not having a negative impact on sales, though, as leasing levels remain near all-time highs and dealerships continue to focus on leasing in their advertising.”
Among the most popular rides, the largest year-over-year drop was for the Chevrolet Volt. In February, its average payment was $297.56, compared to $424.50 in February 2013.
“The aggressive lease deals and incentives on Volt leases 12-16 months ago reflect the falling monthly payments drivers are recording on vehicles in service today,” Swapalease explained in its analysis.
Meanwhile, another Chevrolet model, the Cruze, showed the largest year-over-year increase. Its $265.87 average monthly payment is up from $231.40 in February of last year.
Swapalease explained that the payment figures “are extracted from car leases that have been in service for an average of 17 months since lease inception.”