Ford Authority

Vast Majority Of Ford Buyers Opted For Loans In Q2 2023

Ford customers have long been lauded for having higher credit scores than the average buyer, and in spite of rising interest rates, haven’t really weened off of that particular route to vehicle ownership, either. In fact, in Q1 of 2023, 85.19 percent of the automaker’s customers opted to finance their vehicle, versus just 14.81 percent that chose to lease – one of the highest rates of all automotive brands. According to Experian’s latest State of the Automotive Finance Market report, that trend also continued in Q2 2023, too.

Experian State of the Automotive Finance Market Q2 2023 Finance VS Lease Rates

In the second quarter of the year, 82.89 percent percent of Ford buyers opted to finance their new vehicle, compared to the 17.11 percent that chose to lease. While that total represents a small decline versus the first quarter of the year, one could easily blame it on interest rates, which have risen multiple times over the past few months and could potentially continue to do so as the Federal Reserve aims to cool off soaring inflation.

Compared to other automakers, Ford also ranked near the top in terms of finance mix, trailing only Dodge (89.72 percent), Chrysler (85.26 percent), Tesla (83.61 percent), and Toyota (83.58 percent) in that regard. That was good enough to beat out every other automotive brand on this particular list, including BMW, Mini, Lincoln, Volvo, Buick, Cadillac, Chevrolet, GMC, Acura, Honda, Genesis, Hyundai, Kia, Mazda, Porsche, Infiniti, Nissan, Jeep, Ram, Subaru, Jaguar, Land Rover, Lexus, Audi, and Volkswagen.

As Ford Authority previously reported, lease rates continue to remain far below historical standards, which is creating problems for institutions such as Ford Credit. Part of this trend can be attributed to the fact that without incentives, leases don’t necessarily offer lower monthly payments than loans anymore, mitigating one of their biggest advantages.

We’ll have more on automotive financing trends soon, so be sure and subscribe to Ford Authority for comprehensive Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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  1. Mark

    I remember the late 70’s into the 80’s and getting 12% financing in 1982 for a new truck. The cost of the truck was $8957, a far cry from today’s prices. I honestly don’t know how anyone (under 40 and not already on stable financial footing) is going to be able to juggle the cost of living in today’s world and have any quality of life.

  2. G O PEE



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