Leasing on the Up-and-Up
DETROIT -- Leasing made up about 14 percent of the Big Three's new vehicle sales in the second quarter of 2004, up 6 percent from a year ago. The Detroit automakers are expanding their lease deals as used-vehicle values improve. Leasing has been an attractive way for them to deal with excessively high inventories.
DETROIT -- Leasing made up about 14 percent of the Big Three's new vehicle sales in the second quarter of 2004, up 6 percent from a year ago. The Detroit automakers are expanding their lease deals as used-vehicle values improve. Leasing has been an attractive way for them to deal with excessively high inventories.
Across the industry, leasing made up 20 percent of new vehicle sales in the same period, up 2 percent from a year ago, reported Reuters. Foreign automakers such as Toyota and Honda are also offering some enticing lease programs, according to Art Spinella, president of CNW Marketing Research. Honda has a three-year lease on its Accord sedan for as low as $189 a month.
Some of the cars turned in at the end of a lease are getting sold back to customers as factory-certified used vehicles. "It is very lucrative," said Spinella. "It is a pretty good profit generator for the auto companies." These cars are backed by factory warranties.
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