In recent years, economic inflation has made its impact felt across various sectors. One area of particular concern has been the automotive leasing industry. While wage growth has been relatively modest, average car lease payments has soared significantly. For many, this means the dream of driving a new car every few years is becoming increasingly expensive.
As seen in the table below the average car lease payment has increased over 23% from Q2 2021 to Q2 2023, while during the same period, wages only increased 10.3%. Since Q2 of 2021 the average payment increased $111. Assuming an average term of 36 months, this increase equates to nearly $4,000 over the course of the lease.
Average Car Lease Payments vs. Wages QOQ.
| Q2 | 2021 | 2022 | 2023 |
| Avg. Lease Payment | $475 | $533 | $586 |
| Avg. Lead Payment Increase | NA | 12.2% | 9.94% |
| Avg. Wage Increase | NA | 5.6% | 4.7% |
The data clearly shows a disconnect between wage increases and the rising costs of car leases. It’s essential for consumers to be aware of these trends when considering a new lease. While the allure of a brand-new car is undeniable, the financial implications are becoming more significant.
Top Ten Leased Cars and Their Average Lease Payment Q2 2023
| Q2 Rank | Vehicle | Units Sold or Leased | % of All Leased Cars | Avg Lease Payment |
| 1 | Ford F-150 | 215,516 | 2.52% | $601 |
| 2 | Honda CRV | 96,456 | 2.48% | $485 |
| 3 | Nissan Rouge | 71,246 | 2.26% | $437 |
| 4 | Chevy Silverado 1500 | 141,298 | 2.18% | $582 |
| 5 | Jeep Grand Cherokee | 70,455 | 1.97% | $608 |
| 6 | Chevrolet Equinox | 52,949 | 1.82% | $398 |
| 7 | Tesla Model 3 | 58,500 | 1.79% | $741 |
| 8 | Honda Civic | 48,406 | 1.70% | $408 |
| 9 | Ram 1500 | 117,700 | 1.66% | $617 |
| 10 | Jeep Wrangler | 46,671 | 1.64% | $628 |
A Closer Look at the Top Ten Leased Cars
1. Ford F-150
The Ford F-150, boasting 215,516 units sold or leased, is not just a truck; it’s an American icon. Representing 2.52% of all leased cars, its reputation spans several decades. Known for its robust build, advanced vehicle tech features, and versatile capabilities, it caters to both the work-driven and adventure seekers. Despite an average lease payment of $601, its unmatched performance and brand legacy continue to capture the hearts of many.
2. Honda CRV
The Honda CRV, with its 96,456 units sold and making up 2.48% of the lease market, is more than just a family SUV. Its spacious interiors, advanced safety features, and fuel efficiency make it a top choice for both city and long-distance driving. At an average lease rate of $485, its blend of reliability and modern design appeals to a broad spectrum of lessees.
3. Nissan Rogue
Holding 2.26% of all leased cars and an average lease payment of $437, the Nissan Rogue is a testament to affordable luxury. Its sleek design, coupled with innovative tech features, positions it as both stylish and functional. With 71,246 units total units sold or leased the Rogue remains a go-to choice for those seeking quality without breaking the bank.
4. Chevy Silverado 1500
The Chevy Silverado 1500 is not just a pickup truck; it’s a statement. Its powerful engine options, refined interiors, and towing capabilities make it an unparalleled choice for those who lead an active lifestyle. With 141,298 total units sold or leased and representing 2.18% of the market and an average lease payment of $582, the Silverado consistently proves its worth.
5. Jeep Grand Cherokee
The Jeep Grand Cherokee is the epitome of rugged elegance. With its 70,455 total units and making up 1.97% of the leasing market, it combines off-road prowess with luxury interiors. At an average lease payment of $608, drivers get both an adventure companion and a city cruiser.
6. Chevrolet Equinox:
With 52,949 total units, the Chevrolet Equinox embodies versatility. Representing 1.82% of all leased cars, it offers a harmonious blend of style, safety, and performance. Its average lease price of $398 showcases its value, making it a favorite among young families and professionals alike.
7. Tesla Model 3
The future of driving is electric, and the Tesla Model 3 is at the forefront. With 58,500 total units and holding 1.79% of the leasing market, it brings cutting-edge tech, impressive range, and sleek design to the masses. The higher average lease payment of $741 is a testament to its premium status in the EV world.
8. Honda Civic
Honda’s Civic, with 48,406 total units and representing 1.70% of the market, has been the gold standard for compact cars for years. Its reputation for reliability, available trim packages, fuel efficiency, and agility makes it a favorite among both new drivers and veterans. The average lease rate of $408 ensures it remains an affordable yet high-quality option.
9. Ram 1500
The Ram 1500 is more than just a pickup; it’s a workhorse. With its 117,700 total units sold and capturing 1.66% of the lease market, it’s designed for those who demand more from their vehicles. Whether it’s hauling, towing, or simply cruising, its average lease payment of $617 reflects its capabilities and luxury features.
10. Jeep Wrangler
Synonymous with off-roading, freedom and adventure, the Jeep Wrangler, with 46,671 total units and a lease market share of 1.64%, remains a favorite. Its iconic design, off-road capabilities, and customization options keep it fresh in an ever-evolving market. At an average lease price of $628, it promises an experience like no other.
Wrapping It Up
When deciding between financing or leasing a vehicle, the monthly payment often becomes a deciding factor. Even though the average lease car payment has risen by $111 in the past two years, lease payments generally remain lower than financing payments for the same vehicle.
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