Vehicle ownership, vehicle acquisitions and the growth of auto leasing: evidence from consumer surveys
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.
File(s): File format is text/html http://www.federalreserve.gov/pubs/feds/1996/199635/199635abs.html
File(s): File format is application/pdf http://www.federalreserve.gov/pubs/feds/1996/199635/199635pap.pdf
Part of Series: Finance and Economics Discussion Series
Publication Date: 1996