New-Vehicle Leases Reach Record High in U.S.

U.S. consumers leased a record 2.2 million new vehicles in the first half of 2016, up 13% over the same period in 2015, according to online auto data provider Edmunds.com.

Leasing so far this year accounts for a record 32% of all retail vehicles sales. Luxury models continue to claim the highest proportion of leases. But the option is growing for more mundane models as a way for consumers to reduce their monthly payments.

Edmunds’ analysis shows leasing has nearly doubled for large crossovers and more than tripled for compact pickup trucks since 2011. It’s also up about 50% for small cars and midsize crossovers.

Women are more likely to lease vehicles than men are, and higher-income households remain the biggest group of leasees. But Edmunds says leasing accounts for 22% of new-car sales even at the lowest income level.

By age group, Millennials are the most likely to lease a car (34%), followed by drivers who are more than 75 years old (33%). Consumers between the ages of 55 and 74 are the least likely to opt for a lease (30%), Edmunds says.