SCHAUMBURG, Illinois — Auto leasing reached its highest level on record during the first quarter of 2016, according to a new report from Experian Automotive.
Leasing accounted for 31.1 percent of all new-vehicle transactions in that quarter.
Used-vehicle leasing increased 2.1 percent from a year ago.
"The continued rise in new vehicle costs have kept many consumers exploring options to keep their monthly payments affordable," said Melinda Zabritski, Experian's senior director of automotive finance, in a statement. "As long as vehicle prices continue to rise, we can expect leasing rates to grow along with them."
The new State of the Automotive Finance Market also found that the average monthly payments for new-vehicle loans reached an all-time high of $503.
The average monthly payments for used-vehicle loans were $376 at a franchise dealer and $351 at an independent dealer.
The average loan amount for a new vehicle hit $30,032, an all-time high, the report noted.
Car shoppers can get tips and advice on car leasing from the experts at Edmunds.com here.
Edmunds says: Car shoppers may want to consider these new numbers before they head out to negotiate their next deal.