From today’s news report:

"J.D. Power Reports: Auto Buyers Are Committing to Leasing and Long-Term Loans at Record Levels   

WESTLAKE VILLAGE, Calif., Feb. 26, 2014 /PRNewswire/ -- The use of long-term loans and leasing for new-vehicle retail sales is on pace to reach record levels in February, according to an analysis by J.D. Power.

Long-term loans—classified as loans that are 72 months and longer—account for 33.1 percent of new-vehicle retail sales in February 2014, according to data gathered by the Power Information Network® (PIN) from J.D. Power. If that pace continues, February will set a new record for long-term loans as a percentage of new-vehicle retail transactions in a single month. The current record was set in September 2012, when 30.6 percent of new-vehicle sales were loans of 72 months or longer.

Simultaneously, lease penetration is at its highest level on record, representing 26.5 percent of retail sales in February. The current record for lease penetration in any month is 26.0 percent, which was set in May 2000."
 

In addition to these numbers, Swapalease.com believes consumers are looking to switch lease vehicles at a quicker pace, further fueling the growth in leasing today. According to data from December 2013 listings, the average months remaining on cars listed during the month was 22.1, a new record for the 14-year-old marketplace. The previous record was 21.8 months remaining set back in August 2006 and prior to the recession. More recently, this number has continued to fall, reaching 22.0 months remaining according to all listings in the Swapalease.com marketplace.

With average lease terms still set at 36 months, this data says the average person looking to escape his or her lease looks to part ways with their car just shy of driving 15 months into the lease term.

According to Scot Hall, Executive Vice President of Swapalease.com: “Pent-up demand has been a major factor in the growth in the automotive industry in recent years. Many of these car shoppers are enamored with the attractive lease deals, and their increased desire to change vehicles more frequently has been a big driver of the Swapalease.com marketplace since the recession.”