The 2019 Consumer Car Lease Guide

car leasing guideAuto leasing has become very popular in the last few years as consumers are challenged to find affordable automobile financing alternatives in the current economy. Car leasing has grown to record levels never before seen.

Many people who could benefit from leasing a car have misconceptions, don’t know how it works, or how to determine if it’s right for them. Some people now leasing are paying too much because they didn’t know a good lease deal from a bad one.

Buy Lease KitLeaseGuide.com helps you understand auto leasing, how to lease a car the smart way, who should lease (and who should not), how to find monthly lease payments, calculate lease vs buy, and how to get the best lease deals.

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Best Lease Deals

Whether you lease or buy, price is the most important factor in getting a great deal. The lower the price, the lower the payment. You can haggle long and hard with a dealer to get a good price, or do it the easy way — get free price quotes online from a car pricing service such as our new Car Deal Finder tool. For best results, get multiple dealers’ prices, compare, and go with the best deal.

Lease or Buy? That is the Question

It’s natural for anyone considering car leasing to wonder if it’s better to lease, or to buy. The fact is that one way will nearly always be better in any given situation. Therefore, it’s important to understand how each method works and get an objective comparison for making a correct decision. See Lease vs Buy? Which is Better? and our Lease vs Buy Calculator.

Zero $0 Down Car Leases – Really?

Yes, in fact most car leases can be structured with zero down payment, except for possibly some special promotional lease deals being offered by car manufacturers where a down payment might be required to get the special deal. But there’s a difference between “zero down payment” and “zero cash due at lease signing.” Learn the difference in our article, Lease a Car With No Down Payment.

Why Are New Cars Getting More Expensive to Buy, Finance, and Lease?

If you think that new cars have been becoming less affordable every year, you would be right. But you might not know all the reasons, and there are many, some that you might not be aware of. Read our article, Disturbing Trends for New Car Buyers, for more details.

Find Cheap Used Cars for Sale

Leasing offers the lowest

Should You Buy or Lease a Car?

Illustration for article titled When Is Leasing a Car Better Than Buying?

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Dear Lifehacker,

My old jalopy is about to die on me yet again, so it’s time for a new car. I’m wondering if I’d be better off leasing my next car instead of buying it. Which is the better deal, leasing or buying with an auto loan?

Thanks,
Need a New Ride

Dear Need a New Ride,

Since buying a car is one of the biggest purchases you can make, it’s wise to take a look at all your options. Both leasing and buying have advantages and disadvantages, just like renting versus buying a house.

The most obvious difference is that with a lease, you get a new car every few years and don’t have to deal with the hassle of selling the car later; just hand the keys over to the dealer and get a new lease.

When you buy a car, on the other hand, each payment you make on a financed car builds equity; once you pay off the loan, it’s yours free and clear and you can sell it (or donate it) for something later. (If you buy a car outright without a loan, you save even more money.)

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What to Consider When Buying vs. Leasing

Since you asked primarily about which makes the most financial sense, here’s how to figure that out and more considerations. As an example, let’s look at the cost between buying or leasing a $20,000 car for five years, assuming the same 6% rate on a new car loan (paid off in 3 years) and the lease (two 3-year leases), and driving 12,000 miles a year (numbers provided by Edmunds).

1. Your monthly cash flow: Leasing a car often has a lower monthly payment compared to financing a car with the same loan terms, since with a lease you’re paying for the depreciation of the car during those years rather than the whole vehicle cost. If you need access to more cash every month, leasing may be more favorable.

In our example, the car loan monthly payment is $608 a month; the lease is $350 a month for the first 3-year lease and then $385 a month for the last two years (because a second lease is initiated).

2. Available savings for a down payment and initial fees: Most lease agreements have low down payments or you can get the dealer to waive the downpayment, and you’ll pay less for the sales tax on a lease as well (the tax is calculated in most states only on the monthly payments, not the total cost of the car). As with the lower downpayment, leasing has a smaller impact on your budget and cash balance.

Example: $3,000 downpayment for the loan versus $2,000 for the lease.

3. How much you drive: If you drive a lot—over 10,000 to 15,000 miles, depending on the lease agreement—you’ll probably have to pay extra for each mile. Smart Money says that many leasing companies charge 15 to 20

Lease A Vehicle Without Using Private Credit score

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