Americans love their trucks and they are especially fond of the Chevrolet Silverado 1500. In fact, this full-size Chevy truck was the most leased pickup in the U.S. during the fourth quarter of 2020.
The credit reporting company Experian listed the Silverado 1500 as the fourth most leased vehicle and the top truck in its category. The Chevy Equinox was right behind the Silverado at fifth place overall. All told, Chevy came in third in total leases in the fourth quarter.
Popular SUV Leases
The Experian report shows that SUVs and crossovers make up over half of the leased vehicles in the country. Full-size pickup trucks, like the Silverado, came in at 13.98 percent while midsize pickups, like the Colorado, make up 3.95 percent. Sedans trail the larger vehicles with midsize sedans comprising 9.85 percent of leases and compacts at 8.27 percent.
Leasing on the Rise
Most vehicles are purchased outright, but leasing is gaining in popularity. More than a quarter of the new vehicles sold during the fourth quarter of last year were leased rather than purchased. Leasing usually requires a smaller down payment than purchasing and drivers who prefer to buy new vehicles every few years are especially fond of leasing.
If you’re interested in leasing a new Chevrolet, contact our team or visit us at Blaise Alexander Chevrolet in Muncy, Pennsylvania.