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Finance and Economics Discussion Series
The Finance and Economics Discussion Series logo links to FEDS home page Vehicle Ownership, Vehicle Acquisitions, and the Growth of Auto Leasing: Evidence from Consumer Surveys
Ana Aizcorbe and Martha Starr-McCluer

Abstract: This paper documents the basic features of data on motor vehicles from the Federal Reserve Board's Survey of Consumer Finances and the Bureau of Labor Statistics' Consumer Expenditure Survey. Despite some methodological differences between the two surveys, we find that they yield strikingly similar pictures of households' vehicle holdings. The survey data are also quite consistent with population estimates of vehicle stocks obtained from other sources. Finally, we document the growth of auto leasing by consumers, and find little evidence for the commonly-held view that liquidity constraints are an important motivation for leasing.

Keywords: Vehicles, consumers, auto leasing

Full paper (41 KB PDF) | Full paper (97 KB Postscript)

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