Interesting article for those of us that have our leases ending this year.
This stuff is cyclical like everything else, give it a year or two and the cheap deals will be back. Plus all the new models/redesigned stuff will be older in a year or two and will also be cheaper. As long as you don’t want the latest and greatest, they’ll always be a deal.
The entire point of leasing is to get new stuff.
GJ Seattle Times for telling me I can get a 72+ month loan.
I want my 3 minutes of reading time back.
4 Likes
Lol @ $348 average payment for a Camry SE.
Some of these examples are extreme especially for the people on these boards but as a whole it has definitely become more expensive then it was 3 years ago. Wife and I both have leases due to end in August and I know we will be going up.
And Im continuously hearing every day that inflation is tame at around 2%…LIES!!!
$348 for a Camry SE…
That was really.funny.
I wouldn’t touch that for no more than $250!!!
They better get those lease prices down before the slowdown comes. I believe car sales are peaking at 17 million units a year. Think it’s down hill from here.
Suggests extending your lease…unless you only need a car for that time period (moving, job change etc), never do this…and even then…
-
You’re paying registration for a short time…in California, it’s like paying for an extra month.
-
You’re paying “new car” payments on a three year old car. This, of course, is the issue with any lease. The first year the lease payments are a real bargain, but by the end of the lease you’re car is worth 40% less yet your making the same payments on your “used” car. With every month, the deal gets worse.
-
Good chance you’ll need tires/brakes after three years. Or pricey routine maintenance. Or, even worse, the car is out of warranty and you get hit with a major repair.
Why some people are given advice columns is a mystery…fake news!
I do the math both ways - leasing vs. buying. I’ve been known to do both. Your new car payment becomes the same crappy deal as a lease as the vehicle ages. Drive off the lot with a new vehicle payment of let’s say $500 - is that 3,4,5,6 year old car worth that $500 per month? I could never get a remotely good lease deal on a diesel truck, so I buy and trade in. My $60k diesel truck when I trade it in here shortly will have cost me around $300- $350 a month - had a $800 monthly payment and put $11k down (equity from my previous one). It holds it’s value really well… Leases I try to get 24 month ones - at most 36 month - and using the 1% rule or I walk and find another car.
Bottom line: You do what’s right for you and what the math works out to be the best deal. People quite buying/leasing new cars at higher prices the prices drop or the companies fold.
1 Like