They may not get a whole lot of attention, but used-vehicle leases have gained quite a bit of steam in the past year and may eclipse the 1 million mark for 2011, according to CNW Research.
In eight of the first nine months of 2011, the number of used leases has climbed on a year-over-year basis, with three of these months touting double-digit-percentage increases.
During September, there were 96,702 used leases, up 8.4 percent from September 2010. The increase for August (up 19.8 percent) was even higher.
“Little attention is paid to the used-lease market, but it has been slowly and steadily rising since September 2010,” said Art Spinella, president of CNW.
“Because the volumes are relatively low compared to the used-car market in general, these sales generally fly under the radar,” he added. “But they are important. Virtually 90 percent of these used leases are to people who would otherwise acquire a new vehicle.”
Spinella also pointed out that starting in March, there has been year-over-year rise each month in used lease cap costs. The level of gains has trended upward, for the most part.
The cap cost in September was up 13.3 percent year-over-year at $41,692, which also marks a 13.1-percent hike from January.
The following graph illustrates used lease and cap costs trends for 2011:
Submitted by Who Is Leasing (not verified) on October 12, 2011.
What lenders are active in pre-owned leasing market in the Southeast market?
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