Swapalease.com reports that the average monthly payment for a car lease on the road today is $572.42, down from an average of $590.38 back in August. Monthly payments on leases have continued to decline stemming from aggressive lease deals and increased incentives offered on leases since 2012.
Compared with year-ago payments, the Chevrolet Cruze has declined the most among the most popular lease vehicles. The average monthly payment for a Chevrolet Cruze at the end of January was recorded at $342.17, down from $428.24 a year ago. The Toyota Camry saw the second-largest monthly payment drop year-over-year, with a payment of $343.12 in January compared with $418.76 a year ago.
Monthly payments for fuel-efficient leases have also dropped during the past year. The average monthly payment for a Chevrolet Volt lease was recorded at $256.13 in January, down from $290.48 a year ago. The average payment for a Toyota Prius lease in January was $304.76, down from $321.58 a year ago.
The Nissan Altima saw a 14.3% year-over-year increase in monthly payments, at $386.25 in January compared with $337.96 a year ago. “We expect monthly lease payments to continue to drop in the near term as leasing remains an attractive sales tool for dealers and manufacturers,” said Scot Hall, Executive Vice President for Swapalease.com.
“We’re seeing a lot of drivers use the Swapalease.com marketplace as a way to escape their current contract and immediately take advantage of a more aggressive deal in the showroom.”