Fewer consumers are leasing cars these days due to several factors, including a shift in consumer preferences, changes in the automotive industry, and the ongoing COVID-19 pandemic.
One reason for the decline in leasing is that many consumers are now opting for alternative forms of transportation, such as ridesharing services and public transit. This trend is particularly prevalent in urban areas where owning a car can be expensive and impractical.
Additionally, changes in the automotive industry, including a shift towards electric and hybrid vehicles, have led to a decrease in leasing options. As these vehicles become more popular, dealerships are focusing on selling them outright rather than leasing them.
Finally, the COVID-19 pandemic has also impacted the leasing market, with many consumers now preferring to buy a car outright rather than enter into a lease agreement. This is due in part to the uncertainty caused by the pandemic and the desire to have more control over their finances.
Overall, the decline in leasing can be attributed to a combination of changing consumer preferences, industry shifts, and the ongoing impact of the pandemic. While leasing may still be a viable option for some consumers, it is clear that the market is shifting towards alternative forms of transportation and car ownership.