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Should I Lease or Buy a Car? Which is Best?
From:
Lauren Fix, The Car Coach -- Automotive Expert -- Consultant Lauren Fix, The Car Coach -- Automotive Expert -- Consultant
New York, NY
Tuesday, December 29, 2020

 

6 Pros to Leasing a Car

  1. No or low down payment
  2. Usually covered by warranty
  3. Lower monthly payments
  4. No upfront sales tax fees
  5. No depreciation concerns
  6. Leases often are cheaper in the short term.

7 Cons to Leasing a Car

  1. When you lease, you're basically paying for the use of the vehicle for the first 2 or 3 years of its life. No equity
  2. Limited Mileage - typically 10,000 - 15,000 miles
  3. Hard to Cancel. There are companies like www.swapalease.com but there is a financial punishment, lease termination fees.
  4. Requires Good Credit. The typical minimum for most dealerships is 620. A score between 620 and 679 is near ideal and a score between 680 and 739 is considered ideal by most automotive dealerships.
  5. Lots of Fees at the end and on over mileage
  6. No Customizations.
  7. Average cost to lease is 14%. This is the most expensive way to own a car.

5 Pros to Buying a Car

  1. You are making payments towards owning the vehicle.
  2. No mileage limits without worrying about penalties.
  3. Ability to sell car anytime
  4. Freedom to customize or modify to your choice
  5. Generally lower insurance costs

5 Cons to Buying a Car

  1. Unpredictable resale value
  2. Higher monthly car loan payments
  3. Post warranty maintenance expenses - when you own a car past its warranty expiration, the costs of all repairs fall on you.
  4. Depreciates over time - excessive mileage and wear and tear will harm your car's resale value,
  5. Large down payment

Lauren Fix, The Car Coach®, is a nationally recognized automotive expert, sector analyst, journalist, author, keynote speaker and television host.  A trusted car expert, Lauren provides an insider’s perspective on a wide range of automotive topics and aspects, energy, industry, consumer news and safety issues.  Her analysis is honest and straightforward.

Lauren is the CEO of Automotive Aspects and the Editor-in-Chief of Car Coach Reports, a global automotive news outlet. She is an automotive contributor to national and local television news shows including Fox News, Fox Business, CNN International, The Weather Channel, Inside Edition, Community Digital News, Local Now News, NewsMax and more. Lauren also co-hosts a regular show “His Turn - Her Turn” on ABC.com; “Total Car Score” podcast and hosts a weekly radio segment on GCN Radio.

Lauren is honored to be inducted into the Women’s Transportation Hall of Fame and a Board Member of  is the Buffalo Motorcar Museum and Juror / President for the North American Car, Utility & Truck of the Year Awards.  

Lauren is the author of three books and inherited her love of all things automotive from her father. She has been advising drivers for almost all her life.
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News Media Interview Contact
Name: Lauren Fix, The Car Coach
Title: Automotive Consultant/Expert
Dateline: Lancaster, NY United States
Direct Phone: 716-440-3888
Main Phone: 646-475-4357
Cell Phone: 716-440-3888
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