Car Leasing Payments

Inflation is Driving Up Car Lease Payments: A Look at the Numbers

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.

Avg. Lease Payment$475$533$586
Avg. Lead Payment IncreaseNA12.2%9.94%
Avg. Wage Increase NA5.6%4.7%
Source: Experian State of the Automotive Finance Market Q2 2023 and the Bureau of Labor Statistics

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 RankVehicleUnits Sold or Leased% of All Leased CarsAvg Lease Payment
1Ford F-150215,5162.52%$601
2Honda CRV96,4562.48%$485
3Nissan Rouge71,2462.26%$437
4Chevy Silverado 1500141,2982.18%$582
5Jeep Grand Cherokee70,4551.97%$608
6Chevrolet Equinox52,9491.82%$398
7Tesla Model 358,5001.79%$741
8Honda Civic48,4061.70%$408
9Ram 1500117,7001.66%$617
10Jeep Wrangler46,6711.64%$628
Source: Experian State of the Automotive Finance Market Q2 2023, and the U.S. Bureau of Economic Analysis

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. offers accurate estimates of new and used car loan payments based on self-selected credit score, current rebates, down payment, and trade equity or negative equity, without customers having to provide their personal identifying information such as email and phone.

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