What is the primary factor that may cause the residual value of a leased vehicle to be less that expected?

The primary factor that may cause the residual value of a leased vehicle to be less than expected is depreciation, which can be influenced by market demand, economic conditions, and the vehicle's condition at the end of the lease term. Additionally, factors such as changes in consumer preferences, technological advancements, and the introduction of newer models can lead to a decline in the vehicle's perceived value. These elements can result in a lower resale price than originally anticipated, affecting the residual value.