June 21, 2006
Leasing still popular option, J.D. Power says
Toronto, Ontario – Almost half of all new-vehicle transactions in Canada between January 1 and June 4 were leases, according to J.D. Power and Associates’ Power Information Network (PIN). The average lease term was 45 months.
BMW, Ford, DaimlerChrysler and General Motors leased new vehicles at a higher rate than the industry; BMW, Ford and DaimlerChrysler’s average lease terms were below the industry average. Of them, BMW’s average of 36 months for every four of its five leases was the highest proportion of all manufacturers, and close to three times the national average.
General Motors, Mazda, Volkswagen, Nissan, Toyota and Honda had average lease terms equal to or greater than the industry average, with 48 months being the most popular term. The manufacturers with the lowest lease penetration – Hyundai, Mitsubishi and Kia – also had the longest average lease terms, and were the only ones with a 60-month lease as the most popular term. Fully one-third of Kia leases were for 84 months.