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Vehicle Ownership, Vehicle Acquisitions, and the Growth of Auto Leasing: Evidence from Consumer Surveys

Author

Listed:
  • Ana M. Aizcorbe
  • 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.

Suggested Citation

  • Ana M. Aizcorbe & Martha Starr-McCluer, "undated". "Vehicle Ownership, Vehicle Acquisitions, and the Growth of Auto Leasing: Evidence from Consumer Surveys," Finance and Economics Discussion Series 1996-35, Board of Governors of the Federal Reserve System (U.S.), revised 10 Dec 2019.
    • Handle: RePEc:fip:fedgfe:1996-35
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    File URL: http://www.federalreserve.gov/pubs/feds/1996/199635/199635pap.pdf
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    Cited by:

    1. Alessandro Gavazza & Alessandro Lizzeri & Nikita Roketskiy, 2014. "A Quantitative Analysis of the Used-Car Market," American Economic Review, American Economic Association, vol. 104(11), pages 3668-3700, November.
    2. Wu, Deming & Fang, Ming & Wang, Qing, 2018. "An empirical study of bank stress testing for auto loans," Journal of Financial Stability, Elsevier, vol. 39(C), pages 79-89.
    3. Kathleen W. Johnson, 1999. "Credit constraints, consumer leasing and the automobile replacement decision," Finance and Economics Discussion Series 1999-68, Board of Governors of the Federal Reserve System (U.S.).

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