The latest report from J.D. Power shows that new car prices are stabilizing.
This snapshot of the market shows that 22% of consumers choose to lease a new car. The same percentage will pay cash for their new purchase, while 53% will take out a loan to finance it.
In the case of used vehicles, leasing represents only a fraction of the choices, with 55% of buyers opting for financing and 43% paying cash.
The average monthly payments for these vehicles are $880 for financing and $800 for leasing.
Since last March, the average price of a new vehicle has remained stable at around $50,000.
Tenancy periods have also lengthened slightly, with 58% of tenancies now for a period of seven years or more.
Finally, we should mention that almost 20% of consumers offer in exchange a vehicle that they haven’t finished paying for.