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Swapalease.com, the nation’s largest car lease marketplace, reports that the average monthly payment for a car lease on the road in February is $591.70, up from last month’s average of $572.42 and compared with an average payment of $569.23 a year ago.
Compared with year-ago payments on today’s most popular vehicles, the Chevrolet Volt has had the largest monthly payment decline dropping from $424.50 a year ago to $297.56 today. The aggressive lease deals and incentives on Volt leases 12-16 months ago reflect the falling monthly payments drivers are recording on vehicles in service today. The Audi A4 saw the next largest year-over-year drop, falling from $588.22 per month a year ago to $430.25 today.
The Chevrolet Cruze lease payment has experienced the largest increase from year-ago levels. Cruze lease drivers reported an average monthly payment of $231.40 a year ago, increasing to 265.87 per month today.
Two popular Ford models are also showing among the largest year-over-year payment increases. The Ford Fusion monthly payment has increased 11.8% since last year and is currently registered at $321.43 per month, while the Ford Escape has increased 10.1% since a year ago with drivers paying 312.61 on leases on the road today. These monthly payments are extracted from car leases that have been in service for an average of 17 months since lease inception.
“Our data show that the average lease payment for vehicles on the road today reversed course from the previous months,” said Scot Hall, Executive Vice President for Swapalease.com. “This increase in price is not having a negative impact on sales, though, as leasing levels remain near all-time highs and dealerships continue to focus on leasing in their advertising.”
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal.