Unlike most other brands, Ford's customer base reportedly chooses to finance their vehicles as opposed to going for a lease.
Bucking the Trend
In recent history, leasing has proven to be incredibly popular among new-vehicle shoppers, who gravitate toward its lower monthly payments and the simple fact that, well, some just like swapping out vehicles every so often with arguably less hassle. However, that isn't generally the case with Ford customers, as we can see from some new data from credit giant Experian.
Stark Difference
According to Experian's recently released Q2 2024 State of the Automotive Finance Market report, a whopping 80.33 percent of Ford customers opted to finance their new vehicle over that time span, compared to just 19.67 percent who leased. That's one of the very highest finance rates in the industry, behind only GMC and Dodge, interestingly enough. As has traditionally been the case, most luxury vehicle customers tend to gravitate toward leasing, however, due to rapid depreciation and higher sticker prices.
Most Leased Makes
Regardless, Ford still ranks among the top in terms of the most leased makes in the business - ranking fifth in that regard by accounting for 5.53 percent of all new vehicle leases in Q2. That places it behind only Honda, Toyota, Hyundai, and Chevrolet, and it's also 2.42 percent higher than The Blue Oval's Q2 2023 result as well.
Most Leased Models
Ford also has one model that fell within the ranks of the most leased models in Q2 2024 as well - the F-150, which was the fourth most leased model by accounting for 2.02 percent of that total - behind the Honda CR-V, Tesla Model Y, and Honda Civic. F-150 customers shelled out $919 per month in financing on average - tops in this group - and $601 for leases, which was second only to the Jeep Grand Cherokee.
Falling Payments
Luckily, with prices stabilizing a bit over the course of 2024 thus far, those payments are beginning to cool - at least for lessees. The average lease payment went from $557 in Q2 2022 to $600 in the same period of 2023, but dropped to $586 in the second quarter of 2024. At the same time, average loan payments continue to increase, albeit by a modest $1 in the past year.
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