In the automotive finance world, leasing has become an incredibly popular option for many – particularly in the realm of luxury vehicles, where depreciation is more rampant and prices are higher, since shoppers can score lower monthly payments by going that route. However, this hasn’t necessarily been the case with new Lincoln buyers, who have long gravitated more toward financing their purchase rather than leasing a vehicle. That continued to be true in Q3 2024 as well, too.
According to Experian’s Q3 2024 State of the Automotive Finance Market report, 59.57 percent of new Lincoln shoppers opted to finance their vehicle in the past quarter, versus 40.43 percent who chose to lease instead. That’s a higher finance percentage than many of Lincoln’s rivals, including BMW, Mercedes-Benz, Cadillac, Acura, Genesis, Infiniti, Lexus, Porsche, and Audi, notably, but it’s nothing new for Ford’s luxury arm. Rather, Lincoln posted finance rates of 55.27 percent in Q4 2023, and 55.84 percent in Q1 2024. In Q3 of 2024, 51.84 percent of Lincoln customers took out a loan to pay for their vehicle, versus 48.16 percent that chose to lease it instead, which was a bit higher than Q2, when leasing accounted for 42.4 percent of all transactions.
Meanwhile, the same is true of new Ford buyers, of whom 79.36 percent opted to finance their purchase in the last quarter, compared to 20.64 percent who chose to lease. This is one of the highest finance rates in the market, trailing only Dodge (85.19 percent), GMC (84.83 percent), Chrysler (84.44 percent), and Toyota (80.59 percent), in fact. However, Ford’s figure was down slightly from Q1 2024, when its finance rate was 82.59 percent, as well as 80.33 percent in Q2 of this year. Prior to that, the automaker posted a finance rate of 81.37 percent in Q3 2023, followed by 80.23 percent in Q4 of last year, which were also among the highest of any automotive brand during those timeframes as well.
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