SUVs and crossovers have dominated the list of the most leased vehicles in the U.S. for some time now, a trend that coincides with America’s obsession with those types of vehicles. There are exceptions, of course, like the Ford F-150 – which was one of the top ten most leased vehicles on the market in Q1 2022, according to new data from Experian. However, that pickup is joined by the Ford Escape, which also made the cut as one of the most leased vehicles in the U.S. in the first quarter of this year.
The Ford Escape ranked as the tenth most leased vehicle in Q1, as it represented 1.60 percent of the total U.S. lease market. That ranks it behind the first-place Honda Civic (2.25 percent), F-150 (2.17 percent) Chevy Equinox (2.03 percent), Honda CR-V (2.03 percent), Ram 1500 (1.82 percent), Toyota RAV4 (1.78 percent), Mazda CX-5 (1.77 percent), Honda HR-V (1.74 percent), and Jeep Wrangler Unlimited (1.61 percent).
As is evident from this list, consumers continue to prefer crossovers, SUVs, and pickups when it comes to the type of vehicle they like to lease, and this is also true of financing. According to Experian, crossovers and SUVs alone made up 60.38 percent of total vehicle financing in Q1 of 2022, which is up from 58.95 percent in Q1 2021. As new vehicle prices and interest rates increase, the gap between financing and lease payments is widening as well – to $126, on average, in the first quarter.
Meanwhile, the Ford Escape – which is set to undergo a refresh for the 2023 model year – also gained market share during the first quarter of 2022, ranking sixth in terms of sales among its competition – the red-hot and crowded mainstream C-segment crossover. In spite of a drop in sales, the Escape finished the quarter with a seven percent market share, compared to six percent one year prior. Regardless, it still trails the segment-leading Toyota RAV4 and its 19 percent market share by a significant margin.