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States in the Northeast had the highest penetration of leases in 2014. New Jersey, New York, and Michigan led the states, each with leases accounting for about 47 percent of all new light vehicle transactions. These top three states were followed by Rhode Island, Connecticut, Massachusetts, and Ohio, all with leasing rates over 30%. In general, the southern states in the mid-section of the U.S. had the lowest percentages of lease transactions with Oklahoma the lowest at just 1%.
Leasing Penetration by State, 2014
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Supporting Information
| State | Percent |
|---|---|
| Alabama | 8.7% |
| Alaska | 3.6% |
| Arizona | 11.7% |
| Arkansas | 2.3% |
| California | 28.6% |
| Colorado | 18.7% |
| Connecticut | 37.1% |
| Delaware | 17.6% |
| District of Columbia | 12.6% |
| Florida | 26.0% |
| Georgia | 11.1% |
| Hawaii | 12.5% |
| Idaho | 13.6% |
| Illinois | 14.5% |
| Indiana | 23.1% |
| Iowa | 14.6% |
| Kansas | 11.3% |
| Kentucky | 15.5% |
| Louisiana | 9.6% |
| Maine | 24.3% |
| Maryland | 11.5% |
| Massachusetts | 31.5% |
| Michigan | 47.5% |
| Minnesota | 23.4% |
| Mississippi | 6.6% |
| Missouri | 10.1% |
| Montana | 13.2% |
| Nebraska | 22.1% |
| Nevada | 18.9% |
| New Hampshire | 28.2% |
| New Jersey | 47.6% |
| New Mexico | 6.0% |
| New York | 46.7% |
| North Carolina | 13.6% |
| North Dakota | 17.5% |
| Ohio | 32.8% |
| Oklahoma | 1.0% |
| Oregon | 12.4% |
| Pennsylvania | 27.1% |
| Rhode Island | 40.2% |
| South Carolina | 10.9% |
| South Dakota | 20.9% |
| Tennessee | 8.2% |
| Texas | 9.3% |
| Utah | 18.2% |
| Vermont | 31.9% |
| Virginia | 10.6% |
| Washington | 16.1% |
| West Virginia | 7.2% |
| Wisconsin | 22.1% |
| Wyoming | 7.7% |
| Source: Automotive News, "How high can leasing go?", June 8, 2015, Jim Henry, Site accessed July 7, 2015. Website | |
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