Used car shoppers will have a much larger inventory of cars to choose from in the coming months, thanks to an influx of cars being returned at the end of their leases. A new study by Experian Automotive found that leasing has grown 76% since 2008, resulting in more than 1.8 million cars coming off lease from now until the end of the year.
“As vehicle prices have been on the rise, we have seen consumers using several tactics to keep their payments more manageable. Leasing over the past several years has grown as consumers are drawn to the lower monthly payment,” says Melinda Zabritski, senior director of automotive finance for Experian.
Experian identified the top 10 cars which are returning to market. These cars represent 28% of the cars that will be coming off of their lease this year:
- Toyota Camry.
- Honda Civic.
- Honda Accord.
- Toyota Corolla.
- Honda CR-V.
- Ford Escape.
- Nissan Altima.
- Ford Fusion.
- Lexus RX 350.
- Toyota RAV4.
While the car leases that are being returned this year will be occurring in large volume throughout the country, the top 3 areas with the greatest numbers of cars coming off lease are in: New York, Los Angeles and Detroit.
Are you leasing a car you love? Read Should you buy out your car lease?
Tara Baukus Mello writes the cars blog as well as the weekly Driving for Dollars column, providing both practical financial advice for consumers as well as insight into the latest developments in the automotive world. Follow her on Facebook here or on Twitter @SheDrives.