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Chevy Silverado 1500 Is the Most Leased Truck in the US

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The 2021 Chevrolet Silverado LT Trail Boss driving down a dirt road
The 2021 Chevrolet Silverado LT Trail Boss
Photo: Chevrolet

Experian, a multinational consumer credit reporting company, released a report of the most leased vehicles during the fourth quarter of 2020 for the United States. The Chevrolet Silverado 1500 was the fourth most leased vehicle overall and the most commonly leased pickup truck.

Find Out More About the 2021 Silverado 1500: An overview of its engine lineup

What does the Experian report reveal?

The 2021 Chevy Silverado LT Trail Boss in front of mountains
Photo: Chevrolet

Of all the vehicles leased during the fourth quarter, 2.13 percent were Chevy Silverado 1500 models. Drivers spent an average of $455 leasing and $638 financing the truck each month. The 10 most leased vehicles had a $116 average payment difference, while the Silverado had a $183 average payment difference.

In comparison, the Ford F-150 was only the 10th most leased vehicle, representing 1.64 percent of all the leases. Other competitors in the full-size pickup segment like the Toyota Tundra did not break into Experian’s top 10 list.

The 2022 Chevy Equinox parked
The 2022 Equinox
Photo: Chevrolet

The Chevy Equinox took the fifth spot on the Experian list, accounting for 1.99 percent of vehicles leased. The average monthly payment was $320 for leases and $452 for loans, which is a difference of $132. In total, the Chevy brand had the third-highest number of leases in the fourth quarter at 9.21 percent, falling close behind Honda and Toyota.

Experian also reported the most commonly financed vehicle types in the U.S. SUVs and crossovers accounted for 55 percent of all newly financed vehicles. The Silverado and other full-size pickup trucks comprised 13.98 percent, while midsize trucks comprised 3.95 percent. The midsize sedans and small sedans represented 9.85 percent and 8.27 percent, respectfully.

Check Out the 2021 Equinox: Family-friendly features of the SUV

Although most drivers still chose to finance rather than lease their vehicles, 26.45 percent of new vehicles were leased in the fourth quarter of last year, accounting for a significant portion of Chevrolet and other automakers’ sales. You can learn more about Chevy’s fourth-quarter sales here.