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    Americans Are Leasing Vehicles At A Record Number


    • More Americans Are Choosing To Lease

    Prices of new vehicles are climbing to record highs and causing buyers to look at leases for lower monthly payments.

     

    According to CNBC, a new report from Experian Automotive found that 31.46 percent of vehicles sold in the first quarter were leased. This is up from the 24.05 percent who chose to lease five years ago. The report also reveals that that the average monthly payment for a new vehicle loan was $488, up $14. But, the average lease payment was down $7 to $405.

     

    "The difference between a monthly payment for those leasing a new vehicle versus those who buy new is almost $100," said Melinda Zabritski, senior director of Experian Automotive.

     

    "Leasing has become more popular because the price of vehicles continues to go up. Consumers are looking for lower monthly payments, which is why more of them are extending the terms of their loans."

     

    Source: CNBC

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    Industry wide this is definitely true, though for some reason it is not remotely the case in our location.  We are lucky to get maybe 10% of sales as leases, most it seems would rather just try and get extended terms to get that payment down.

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    I think this goes right along with the news story about 84 month finance terms.  We're setting ourselves up for another financial bubble where people "move up" through longer financing terms instead of wage increases.

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    Is there not a disconnect where people looking for lower monthly payments IGNORE the fact that lease payments never end, whereas purchase payments do?

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    Is there not a disconnect where people looking for lower monthly payments IGNORE the fact that lease payments never end, whereas purchase payments do?

     

    Doesn't matter to them, they're going to want a new car in 2 - 4 years anyway. 

     

    We leased the Buick, but our reason for leasing was that we were anticipating a major life change after 2 years and we weren't sure if we were going to want the same sort of vehicle.  We were a 1 vehicle household if you don't count the Toronado which doesn't get used much. 

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    I believe the Auto industry will push all they can to move all auto prices up to force more and more into leasing as they would rather have a consumable market place with never ending payments to them. I can see the long term time get to where if you want an auto, you lease it and pay for the right to drive an auto with never ending payments.

     

    Those of us that hold onto auto's for a long time will become fewer and fewer.

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    Is there not a disconnect where people looking for lower monthly payments IGNORE the fact that lease payments never end, whereas purchase payments do?

    Very, very few of the customers I see have their vehicles long enough to pay them off, and I've not done a lease yet, so even the non-lease customers often will never reach and end to payments.  Heck, most of them are out looking to trade while they're still upside down on the car they want to trade in.

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    Is there not a disconnect where people looking for lower monthly payments IGNORE the fact that lease payments never end, whereas purchase payments do?

     

    Doesn't matter to them, they're going to want a new car in 2 - 4 years anyway. 

    Those people already were lease-ees.

    I don't think I understand someone who is going to complain about how much they are spending but then enter into a perpetual infinite monthly expenditure cycle.

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    I believe the Auto industry will push all they can to move all auto prices up to force more and more into leasing as they would rather have a consumable market place with never ending payments to them. I can see the long term time get to where if you want an auto, you lease it and pay for the right to drive an auto with never ending payments.

     

    Those of us that hold onto auto's for a long time will become fewer and fewer.

    I think that realistically those people have long been in the minority.  I just paid my car off back in March, and honestly I would love to trade for something different,  but I won't even realistically entertain the thought of doing something I know I can't afford like that.  I think the larger number of people that do hold onto their vehicles are probably more like me, they don't keep them because they don't want to trade, they keep them because they can't afford to do otherwise.  I don't hate, or even dislike, my current car, but I bought it because it fit my budget and needs, not because it excited me.  I would love to buy something that I'm actually excited to own, instead, but that just isn't in the cards.

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    Given the current financal climate this is hardly surprising.

     

    Only a matter of time now before leases start going up in price.

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    Is there not a disconnect where people looking for lower monthly payments IGNORE the fact that lease payments never end, whereas purchase payments do?

    Very, very few of the customers I see have their vehicles long enough to pay them off...

    That's because the people who DO pay them off don't go shopping nearly as often! ;)

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    Is there not a disconnect where people looking for lower monthly payments IGNORE the fact that lease payments never end, whereas purchase payments do?

     

    Doesn't matter to them, they're going to want a new car in 2 - 4 years anyway. 

    Those people already were lease-ees.

    I don't think I understand someone who is going to complain about how much they are spending but then enter into a perpetual infinite monthly expenditure cycle.

     

     

    They're probably already in that cycle. They buy, go upside down, trade in 3 - 4 years before the note is paid off, and roll the balance into the next car.  Leasing will probably cost them less money than that scenario.

    Don't get me wrong... I much prefer to buy and hold also.  I'm just explaining what I think is the reason for the shift. 

     

    Besides, GM says you don't even own your car anymore, you just license the software that runs it.

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    i never wanted to lease ever again but we leased our new town and country in January.  I could not justify 500/mo for an explorer/traverse or sim that was 3 years old and had 50k on it on a 5 year loan.  I chose to lease a new mostly loaded T/C for the same payment as to buy a 1-2 year old grand caravan with lesser kit and 30k on the odometer already.

     

    it comes down to stagnant wages vs. msrp's going way up, also in this instance, the residual after 3 years is far less than what the loan payoff would be at after 3 years on a traditional buy.  If the value tanks, I walk away or by then with so many leases out there, they may offer them for sale to the lessee for a price cut at the end.

     

    I don't want own a van anyways.

     

    Sure I am left with nothing but i paid 6 years on my Taurus X, the tranny started going out, and it was only worth a small dimple in the down payment of a new one.

     

    Yes there is a huge bubble coming, or......

     

    The automakers have succeeded in making a 'first market' where then they get the vehicle back after you paid most of the depreciation.  Then they get to sell the vehicle again as a CPO with low miles and make money on a new loan and sell extended warranties.....  The second cycle, people will trade it in at about the 6-7 year mark, 100k or so, and then the dealer will obtain that trade with you at a loss, roll your deficit into a new loan for someone else with low wage and bad credit......so they will be buying 6-7 year old vehicles at 12-18 percent and 5 years again and will be almost forced to get a warranty AGAIN.  Then once the vehicle is 10-12 years old, the vehicle hits the cycle again and money is made again.......

     

    Think of how much $$$$ banks make off that one vehicle over its life.  Think of how much states make off sales tax and vehicle tabs for that one car.

     

    I was all for paying off my cars but the last two i did, within less than a year, they had tranny issues and it was either put big bucks into them or take what i could get and put it into the new vehicle.  Just paid off the cobalt and now its approaching 100k, the past tells me my trouble free car, something will start to go amok, so i should go look for a lease.....can't replace that 207 payment with a 5 year loan comparable car for less than 300-350 unless i lease.... and even then that's still almost impossible.....

     

    My last few weeks in my selling cars gig i recall the people at the sister Ford dealer had been starting the lease push back again (2012).  The initial targets were like 30-33 percent lease and eventually over time if it hit 40% they said it was not impossible.  You get people on the 3 year cycle, just like cell phones, get people on a cycle where their decision is forced otherwise they sit and do nothing and spend no cash.

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    Given the current financal climate this is hardly surprising.

     

    Only a matter of time now before leases start going up in price.

     

     

    I've seen that here already. The local dodge dealership pretty much used to give leases away here....not any more. The Compass was a 150 buck special last year, cheapest lease this year is 300 bucks with money down.

     

    And they are selling more this year than last.

     

    I'm going to stay down at the small car level myself. Would love a colorado, but simply can't justify the 30k+ price tag. Thinking some sort of cruze, though I'm waiting on more info on the 2016....

     

    Then something well picked used for the wife....

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    Average new car price is nearing the average annual income of a person now.  Wages aren't going up as fast as cost of cars, education, insurance, etc, etc.   I think most Americans also live for the future and worry about current monthly budget and don't think about the payments never ending or what interest over 6 or 7 years is on a car.  So they look for the lowest payment for today, and worry about the future later.  But as Drew mentioned, that sets us up for another bubble to burst.

     

    Personally I like to buy used cars because the depreciation hit is gone, and then you have something to own that you can keep.    But I can understand why lease rates are surging.  Assume someone on a tight budget that can spend $200 a month on a car, they can either buy an $11,000 used car (which will probably be a 2007-2010) on a 6 year loan or get a 2015 Focus, Cruze or Elantra lease and have warranty, not have to worry about buying tires, making repairs, etc. 

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    Is there not a disconnect where people looking for lower monthly payments IGNORE the fact that lease payments never end, whereas purchase payments do?

    Very, very few of the customers I see have their vehicles long enough to pay them off...

    That's because the people who DO pay them off don't go shopping nearly as often! ;)

     

     

    Ha ... that'd be me. ;)

     

    Here in IL, the taxes for a lease have reportedly dropped by 50% ... so the leases here are that much more ... enticing.

     

     

    Cort :) www.oldcarsstronghearts.com

    1979 & 1989 Caprice Classics | pigValve, paceMaker, cowValve
    "Hood slidin' like Bo Duke"__Dierks Bently__'What Was I Thinking?'
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                  3,827
                  6,551
      -41.6%
      TOTAL
                     29,672
                      23,882
      24.24%
                  285,719
                  318,484
      -10.29%
      *Eos production ended in July 2015
    • By William Maley
      Car Sales Quicken and Trucks Continue Momentum as American Honda Sets New Sales Records in November
      Dec 1, 2016 - TORRANCE, Calif.
      Powered by both cars and trucks, American Honda and the Honda Division set new November sales records American Honda and Honda Division trucks also set new November sales marks Compacts lead, with Fit gaining 43 percent and HR-V soaring 132 percent above year ago levels MDX sets November pace for Acura while RDX gets new November record Acura NSX reaches another milestone American Honda Motor Co., Inc. today reported total November sales of 122,924 Honda and Acura vehicles, an increase of 6.5 percent versus November of last year to set a new November record. American Honda trucks gained 9.9 percent for a new November record on sales of 62,737 units. Honda Division overall vehicle sales also set a new November mark of 111,308 units, rising 7.9 percent. Acura Division sales held fairly steady in November, totaling 11,616 units for a decrease of 5.1 percent.
      Honda
      Continuing to buck the industry trend, Honda car sales helped push the brand to a new November record. Fit and Accord led the way for Honda cars, with strong support from Civic.  Honda truck sales maintained strong momentum with a new November record as HR-V jumped in triple digits and both CR-V and the new Ridgeline had strong sales performances.
      Honda Division sales rose 7.9 percent on sales of 111,308 for a new November record. Honda cars gained 5.6 percent on sales of 56,943 units, while trucks increased 10.3 percent on sales of 54,365 units for a new November record. Accord, recently named one of Car & Driver magazine's 10 Best cars for a record 31st time, enjoyed a robust gain of 6.3 percent on sales of 27,182 units. HR-V sales totaled 8,141 in November, a remarkable 132 percent increase. Civic sales topped 25,000 for the month, gaining 1 percent and keeping Civic on track to set an all-time annual sales mark in December. "Considering the continued consumer appetite for trucks and SUVs, we're excited to see Honda cars resonate so well with our customers," said Jeff Conrad, senior vice president and general manager of the Honda Division. "This is especially gratifying considering the strength of our light truck lineup, as we continue to hit on all cylinders with individual retail buyers."
      Acura
      Acura light trucks continued to show sales muscle, with MDX leading the month of November for the brand and RDX recording best-ever November sales. On the car side, RLX showed an uptick while NSX reached a new milestone.
      Acura trucks continued on pace to top 2015, gaining 7.6 percent with sales of 8,372 units in November. Sales of the redesigned MDX rose 13 percent on sales of 4,622 for the month. RDX had its best November sales to date, rising 1.6 percent on sales of 3,750 vehicles. RLX sales moved up slightly in November, gaining 16.7 percent on sales of 140 units. Reaching another milestone, the custom-crafted NSX supercar has topped 200 customer deliveries since sales commenced in May. "Strong sales of the new Acura MDX demonstrate that our design direction and focus on performance is the right path for the Acura brand," said Jon Ikeda, vice president and general manager of the Acura division. "With the NSX and the MDX leading the way, we will take our entire lineup toward Acura's Precision Crafted Performance DNA."

    • By William Maley
      Audi of America sets November sales record on SUV and A4 demand
      December 01, 2016 | HERNDON, Virginia
      Demand for Q7 SUV more than doubled; Q3 rose 45 percent A4 sedan increased 30 percent for the month Record sales streak continues for 71st consecutive month Audi of America reported a November sales increase of 2.5 percent to 17,118 vehicles, as the Q7, Q3 and A4 continued to lead the volume gains.
      It was Audi of America’s best November and its 71st straight month of record sales. The previous November record was set last year with 16,700 deliveries. Year-to-date sales have risen 2.9 percent to 187,018 vehicles despite a tightening premium market.
      November results were bolstered by demand for SUV models. Total SUV sales for the brand increased 22 percent over last November and 17 percent year-to-date. The Q5 was the volume leader with 4,187 vehicles sold. Sales of the Q3 rose 45 percent over last year to 1,613 vehicles. Q7 sales more than doubled with a 104 percent increase from last November to 2,605 vehicles.
      Demand for the A4 sedan remained robust with sales of 3,143 vehicles, a 30 percent increase for the month and a 19 percent increase year-to-date, notwithstanding a stagnant sedan market in the U.S.
      The A3 Sportback e-tron had its best sales month ever with 394 deliveries in November and 3,691 vehicles sold year-to-date.
      “On the heels of a successful November, we are on pace to achieve our seventh consecutive record sales year,” said Mark Del Rosso, chief operating officer, Audi of America. “We are confident that our momentum will continue in 2017, which promises to be one of the biggest launch years in Audi of America history.”
      AUDI US SNAPSHOT
      --MTD--
      --YTD--
      Model Line
      Nov '16 Actual
      Nov '15 Actual
      Yr/Yr % change
      Nov '16 YTD  Actual
      Nov '15 YTD Actual
      Yr/Yr % change
      A3
      2,063
      3,028
      -31.9%
      28,634
      32,732
      -12.5%
      A4
      3,143
      2,418
      30.0%
      30,678
      25,841
      18.7%
      A5
      482
      1,277
      -62.3%
      7,763
      11,934
      -35.0%
      A6
      1,532
      1,582
      -3.2%
      16,670
      20,394
      -18.3%
      A7
      576
      636
      -9.4%
      5,747
      6,880
      -16.5%
      A8
      343
      364
      -5.8%
      3,648
      4,566
      -20.1%
      allroad
      271
      301
      -10.0%
      1,989
      2,564
      -22.4%
      Q5
      4,187
      4,520
      -7.4%
      43,154
      45,949
      -6.1%
      Q7
      2,605
      1,279
      103.7%
      27,288
      17,806
      53.3%
      Q3
      1,613
      1,109
      45.4%
      18,001
      11,728
      53.5%
      R8
      63
      10
      530.0%
      654
      480
      36.3%
      TT
      240
      176
      36.4%
      2,792
      929
      200.5%
      Total Audi Sales
      17,118
      16,700
      2.5%
      187,018
      181,803
      2.9%
      Total CPO Sales
      3,705
      3,494
      6.0%
      41,923
      44,322
      -5.4%
       
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