Experian Automotive revealed a study on Friday indicating that leasing as a financing option for new vehicles has grown 76 percent since the company began publicly tracking the data in 2008.

Additionally, the study determined the upward trend of leasing has resulted in a rising surplus of vehicles coming off lease. In fact, according to the analysis, more than 1.8 million vehicles will come off lease by the end of 2016, looking at projections for April through December.

“With such a large volume of vehicles coming back into the market, consumers, dealers and lenders will want to better understand the options available to them so they are able to take action,” said Melinda Zabritski, senior director of automotive finance for Experian, who presented study findings on Friday as the NADA Convention & Expo began.

“Whether it is deciding to lease again or buy used, restocking inventory or marketing to potential borrowers, gaining insight into these trends will provide the knowledge necessary to make smarter decisions for all parties involved,” Zabritski continued.

The study also looked at the areas that have the greatest volume of vehicles coming off lease. Experian learned that the top three demographic market areas are New York, Los Angeles and Detroit.

When looking at vehicle types that are leased most often, Experian’s analysis showed there have been some significant shifts in consumer preference. Current leasing vehicle segment preferences include entry-level crossover utility vehicles, standard midrange cars, lower midrange sedans, near-luxury/upscale vehicles and premium crossover utility vehicles.

However, when looking at the vehicles currently being leased compared with those coming off lease, the analysis indicated that there has been a surge in the percentage of full-size pickups and entry-level sport utility vehicles being leased, with growth of 56 percent and 79 percent, respectively.

On the other hand, Experian noticed upscale luxury vehicles and alternative-power/hybrid vehicles have seen a decline in the volume of on-lease versus off-lease vehicles by 28 percent and 50 percent, respectively.

“As vehicle prices have been on the rise, we have seen consumers using several tactics to keep their payments more manageable. Leasing over the past several years has grown as consumers are drawn to the lower monthly payment,” Zabritski said.

“What’s interesting, however, is that the types of vehicles are changing. Instead of fuel-efficient hybrids, consumers now are leasing full-size pickups, SUVs and CUVs,” she went on to say. “So, what happens three years from now? Will gas prices be what they are today, or will dealers have a more difficult time moving these types of vehicles when their leases mature?”

 From a model perspective, the top leases returning to market (which represent 28 percent of all leased vehicles returning to market) include:

—Toyota Camry
—Honda Civic
—Honda Accord
—Toyota Corolla
—Honda CR-V
—Ford Escape
—Nissan Altima
—Ford Fusion
—Lexus RX 350
—Toyota RAV4