In recent years, the majority of Ford buyers have opted to finance their next new vehicle acquisition rather than lease it, a trend that continued into Q1 and Q2 of this year, as Ford Authority previously reported. The just-released Experian Q3 2023 State of the Automotive Finance Market report revealed that this was once again precisely the case in the third quarter as well, even as Ford remained one of the most leased brands on the market over the same time period, too.
In terms of finance to lease mix, Ford sales in Q3 still tilted heavily toward purchases/financing at 81.37 percent versus 18.63 percent for leases. That lease figure was actually one of the lowest in the industry in the last quarter, in fact, trailing only Dodge (10.19 percent), Tesla (13.27 percent), Chrysler (15.92 percent), Toyota (16.05 percent), and Jaguar (17.87 percent), making it even more impressive that Ford managed to finish fifth among all makes in terms of the percentage of leased vehicles it accounts for in the overall market.
Ford also enjoyed one of the highest finance rates of any brand in Q3 at 81.37 percent, which trails only Jaguar (82.13 percent), Toyota (83.95 percent), Chrysler (84.08 percent), Tesla (86.73 percent), and Dodge (89.81 percent). Otherwise, there is quite a large gap between these brands and the rest of the market, with some tilting heavily toward leases – a list that includes the likes of Polestar, Acura, Volvo, BMW, Infiniti, and Audi, each of which has a lease makeup of more than 50 percent.
In terms of the overall market, a total of 79.09 percent of customers opted to finance their new vehicle purchase in Q3, versus just over 21 percent that chose to lease. That number has declined over the past two years after cresting at 86.44 percent in 2021 and 82.25 percent in 2022, however.
We’ll have more on automotive financing trends soon, so be sure and subscribe to Ford Authority for comprehensive Ford news coverage.
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