According to a recent report from Edmunds.com, an increase in car leasing is helping boost new car sales.
The report showed that new cars accounted for 29 percent of the total sales from January to May, up from 27.6 percent during the same period of time last year. According to Edmunds.com, of the new cars, 25 percent were leased, beating out the previous record of 22 percent, set last year. As car sales continue to remain strong throughout 2013, experts note that automakers have been relying on leasing in order to increase sales for some time now.
"Lease offers have become more important to automakers' and dealers' sales strategies," says Edmunds.com senior analyst Jessica Caldwell. "Luxury brands have for a long time relied on leasing to maximize their sales volumes. Now mainstream brands are riding that wave, drawing buyers with the promise of lower monthly payments through leasing."
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Grand Cherokee wins challenge
One vehicle is likely to be on the radar of new car buyers after winning a recent SUV challenge. The 2014 Jeep Grand Cherokee recently won the Cars.com/USA Today Midsize SUV Challenge, and whether buyers are leasing or paying with cash, the vehicle is sure to be a popular buy this year. The newest Grand Cherokee was chosen as the winner over five competitors by experts at Cars.com, USA Today, Motorweek and a family that represented the averaged midsize SUV buyer.
The Grand Cherokee won based on its fuel efficiency, practicality, driving ability, comfort and features. The vehicle includes a variety of safety and technology features, a premium design, and it gets 30 miles to the gallon.
"Winning this award is especially gratifying since the judges included a typical family of four, in addition to experts from three prestigious media outlets," said Mike Manley, president and CEO – Jeep Brand, Chrysler Group LLC. "We are delighted that the judges recognized the improvements we've made to the Jeep Grand Cherokee – the most awarded SUV ever – that make it even better. No other SUV offers Grand Cherokee's combination of legendary Jeep 4x4 capability, fuel economy, advanced user-friendly technology, world-class craftsmanship and on-road refinement."