Chevy Silverado 1500 Among Most Leased Vehicles In The United States
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The Chevrolet Silverado 1500 full-size pickup is among the most leased vehicles in the United States, according to data compiled by multinational consumer credit reporting company Experian.
According to the recent Experian report, the Chevy Silverado 1500 accounted for 2.13 percent of all vehicles leased in the U.S. during the fourth quarter of the 2020 calendar year, making it the fourth most commonly leased vehicle on sale today. This bodes well for the Silverado in the hotly contested full-size pickup truck segment, with leases outpacing that of rivals like the Ford F-150, Ram 1500 and Toyota Tundra. The F-150 was the next most commonly leased full-size pickup at 1.64 percent.
The Silverado narrowly beat out another GM product with regard to consumer leases, the Chevy Equinox, which accounted for 1.99 percent of all vehicles leased in Q4 2020, putting in fifth overall.
The most frequently leased vehicle on the market in Q4 2020 was the Honda CR-V, which accounted for 2.69 percent of leases. The Honda Civic was second at 2.53 percent, followed by the RAV4 at 2.44 percent.
It appears Chevy customers like to lease, based on this Experian report. Chevy was the third most leased car brand in the U.S. in Q4 2020, accounting for 9.21 percent of all vehicle leases. First was Honda with 11.6 percent, followed by Toyota with 11.16 percent. Interestingly, fellow GM brands GMC and Cadillac were among the least frequently leased brands at 2.38 percent and 1.76 percent, respectively.
The Experian report also broke down which vehicle types are most often financed. Unsurprisingly, SUVs and crossovers led the way, accounting for 55 percent of financed new vehicles. Full-size pickup trucks like the Chevy Silverado represented 13.98 percent of new vehicles financed, followed by mid-size sedans at 9.85 percent and small sedans accounted for 8.27 percent. Mid-size pickups accounted for 3.95 percent of financed new vehicles.
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Wait did you bother to see another “1500” next to the Silverado? What vehicle is that the Ram 1500? Or the Sierra 1500?
Because then your article needs to acknowledge the next closest full sized truck is the Ram/Sierra not the f150 which is far away
That’s a good question. Not sure why someone downvoted unless they just didn’t understand.
I’m guessing the Ram, but who knows?
Good enough to drive around whilst new under warranty. Not good enough to out right buy?…
Leasing has many benefits to consumers and dealerships. A worry free 3 year experience where the consumer can have a lower payment and very basic maintenance, but isn’t married to the same vehicle for a long term contract for the payment buyer. The consumer is not concerned about depreciation and the dealership receives residual income from the consumer when they come in and purchase or lease another vehicle in three years and the more likely to do their service at the dealership which interns continues the revenue pipeline for the service department and the dealership as entity. Consumers Who consistently lease store in higher percentile for credit scores than consumers that typically finance their vehicles.At the end of the lease the consumer has the option to sell Sell vehicle delete profit, trade in their vehicle or turn them in and walk into another lease with extra incentives from General Motors that another customer who is it in a lease will not qualify for. The dealership also has the ability to purchase a three-year-old off lease vehicle with low mileage that’s been serviced at the dealership and has been locally owned which benefits the dealership’s used car department as well.
Reading between the lines, this explains why I see so many full size SUVs and trucks on the road driven by people that look like they don’t have a penny to their names. They’re mostly leases.
These people will have a car payment perpetually until they die and be forever in debt.
There’s two sides to the coin here, you can either be married to the same car and constantly pay revolving repairs at a certain point or you can have a moderate payment and not pay the mechanic and keep up with all the latest and greatest technology and safety features. I am an 800 plus credit score consumer that keeps more than enough money set aside in savings but I choose to lease every three years as it offers more freedom I have shorter trade cycles. Especially since I’m a dealership employee that receives GM employee pricing for which provides an advantage for me to continue leasing every three years. You don’t buy a new vehicle and then expect to turn around and make a profit as we all know that vehicles are depreciating assets.
Or, I can own a Suburban outright, maintain it well, not have a payment for 5-10 years, and still sell it for the cost of any repairs at 200,000 miles, putting about $45,000-$55,000 back in my pocket from no car payment.
Tired of people on perpetual leases and car payments complaining about money.