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Should I Lease or Buy A New Car?

Finance | 11/30/2021 23:00

Getting a new car is a huge decision that can be very exciting – and very overwhelming. There are a million things to decide, from the make and model, to the trim level, to the color. But perhaps the biggest decision you will have to make is whether to lease or buy your new ride.


In this article, we will discuss the pros and cons of leasing and buying a new car and help you decide which is the right choice for you.


Here’s everything you need to know about leasing vs. buying a car.

What is Leasing?

When you lease a car, you are essentially renting the car for an extended period of time. Instead of paying for the whole car, you are paying for the depreciation that will occur while you are using the vehicle, plus interest and fees. Most leases are what’s called “closed-end leases”, which means that the residual value of the car is determined and contracted before you drive it home.


How are lease payments calculated?

Let’s look at how lease payments are calculated as opposed to financing payments. Here are some terms we will be using:


  • Capitalized Cost- The price of the car. This can be negotiated, even if it’s a lease.

  • Capitalized Cost Reductions- Any discounts or deals that the dealership may apply.

  • Residual Value- The expected value of the car at the end of the lease term.

  • Money Factor- This is the financing charge a person pays on a lease. This number is listed as a decimal, so multiply this number by 2400 to get an equivalent APR.


The cost of the lease is as follows:


Capitalized Cost - Capitalized Cost Reductions - Residual Value + Interest + Fees


You will have to pay lease origination fees plus registration fees, along with a down payment and security deposit. These fees are often considered “drive-off” costs which you pay upfront.  The remaining depreciation and interest will be divided up into monthly payments. 


For example, say you find your dream car that has a capitalized cost of $40,000. It’s residual value is $25,000, which means that you will be paying off the $15,000 depreciation. Ultimately you will be making payments on $15,000 plus interest and fees. 

In general, your monthly payments will be lower when leasing as opposed to buying. 


How are financing payments calculated?

Loan payments are calculated based on the entire cost of the car:


Capitalized Cost - Capitalized Cost Reductions + Interest + Fees


If you were financing the vehicle from the example above, you would be making payments on the entire $40,000, plus interest and fees. Therefore your monthly payments (and overall out of pocket costs) are less if you choose to lease rather than buy.


What are the Pros of Leasing?

Now that we’ve discussed how payments are determined, let’s discuss why leasing is a popular option when getting a new car. Here are some of the top reasons people choose leasing over buying:


You will have lower monthly payments

As we discussed above, your monthly payments will be lower when leasing as opposed to buying. 


You don’t have to worry about selling

Not having to worry about resale is a huge perk of leasing. When your lease is over, you simply hand your keys back to the dealership and walk away.


You can get a new car every few years

If you love having the latest model of everything, leasing may be especially worthwhile for you. Every few years when your lease is up, you get to hand in the keys and get a new car, and whatever new technology comes along with it.


Your warranty will cover repairs and maintenance (sometimes)

New cars typically come with three year warranties, which is also the average length of a lease. This means that while you are driving your lease, most repairs (and sometimes oil changes) will be covered by the warranty. 


You can maximize tax deductions

If you are a business owner, leasing a car has more tax advantages than buying a car. The IRS allows you to write off both the depreciation costs and the financing costs that are part of the monthly payments. This is more than you can write off when you purchase a car.


What are the Cons of Leasing?


You don’t build equity

The main downside of leasing is that you do not build equity. At the end of the day, you do not own your car, so it will never count as an asset for you. 


There are early termination fees

If you are unhappy with your lease for any reason, there will be fees to terminate the lease. Breaking the lease early may also have negative effects on your credit score.


There are always mileage limits

When you lease a car, there are always mileage restrictions on your vehicle. Dealerships usually have annual mileage caps of 12,000-15,000 miles per year. If you go over your allotted mileage, you can pay between 15 and 40 cents per mile. This can add up to be a very hefty sum if you drive a lot. 


Cost of wear and tear

When you return the car, it must be in great shape. Normal wear and tear is acceptable, but beyond that you will be charged a fee for anything they consider excessive. This can include dings, dents, and tears to the interior.


You can’t customize your car

Since it’s not really your car, you can’t customize it as you may like. You are expected to give the car back as you received it, even if you think the upgraded wheels or spoiler add to it’s value.


There are often restrictions on use

Many leases have use restrictions built into their contracts. In addition to the mileage limits, you may be restricted against driving the car out of the country, or they may say that you are unable to use the car for rideshares (like Uber or Lyft). They might even state that you are unable to use the car for business. If you want to use your car for anything other than commuting and routine driving, leasing might not be a great option.


So Should I Buy Instead? What are the Pros of Buying?

You own the car

At the end of financing, the car belongs to you completely. It is an asset that helps build your equity. 


There are no limitations

Since you own the car, you do not have to worry about mileage limits or wear and tear. No one can tell you where to drive the car, or how to use the car. And you can customize it however you would like. Even if you are financing the car and don’t own it outright just yet, loans typically do not have the restrictions that leases have.


Financing is often easier than leasing

In general, it is easier to get a loan than it is to get a lease. The credit requirements are usually lower and people are more familiar with the process of getting a loan rather than getting a lease.


You can sell it whenever you want to

Unlike a lease, you can sell your car whenever you want to sell it. While it is almost always a good idea to wait until the loan is paid off, once it is paid off you have an asset that you can sell whenever you want.


You decide when – and how – to fix things

When something goes wrong on a leased car, you will need to either go to the dealership or to a certified mechanic to get it fixed. But when you own the car, you can handle it however you’d like, and whenever you’d like. If you want to use factory parts to fix it, you certainly can. But you can also opt for cheaper parts and cheaper labor if you choose.


What are the cons of buying?

You pay interest on the entire cost of the car

When you lease, you are only paying interest on the capitalized amount minus the residual amount (the depreciated amount) as opposed to paying interest on the entire cost of the car.


You may need to make a down payment

To get the best rates, you will usually have to pay a down payment. Doing so will lower your loan to value ratio (LTV) and get you a better APR. This means that your upfront cost as well as your total cost will be much more than when you lease.


The warranty will end

When you buy a new car, you will have a warranty for the first few years. But after that, you are on your own for any repairs and maintenance. 


Those are the major differences between leasing and buying a car. 


There are pros and cons when it comes to leasing and buying cars, and you will need to decide what works best for your situation. If you use your car sparingly and prefer to have a nice, new car every few years, leasing is perfect for you. But if you drive a lot and love to customize your car, leasing is probably not a great option for you. 

Already in the middle of a financing arrangement? We may be able to get you a better rate! Contact Auto Approve to see how we can save you money today.

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Vehicle Safety in A Heat Wave

Do you know how to drive safely in a heat wave?The dog days of summer are arriving across the United States, and as it gets hotter, our vehicles do too. Just like driving in wintry conditions, driving in extreme heat poses its own unique set of challenges. From dead batteries to tire blowouts to soft tarmac, there’s a lot to be on the lookout for when the thermometer hits a record high.That’s why now is a good time to refresh your knowledge of when you need to worry about car safety in high temperatures, what to look out for, and how to keep yourself safe.Let’s start with the basics.FAQs: Summer Car SafetyTo lay a little groundwork and make sure we're all on the same page, let’s take a look at these frequently asked questions about driving in inclement heat.Is it safe to drive in a heat wave?Yes, broadly it is safe to get on the road in a heat wave, as long as you are prepared and understand the risks. We’ll dive into the details in the next section, but you should: avoid long drivesplan to stop frequentlyhave an emergency kit in your car in case anything goes wrong, and keep a close eye on your engine temperatureHowever, if you follow all the tips in the guide, there is no reason you can’t drive in hot weather by exercising caution and good sense.What temperature is too hot to drive a car?There is no single temperature at which it becomes definitively unsafe to turn on a car, but avoiding driving in unusually high heat is generally good practice, if you have the option. The outside temperature is less important than your engine temperature and the temperature inside your car. If your engine reaches over 220° F, the various fluids that allow your car to run could start burning up – this is where things start to get dangerous. Similarly, the human body needs certain conditions to function properly. 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“What can I do with $500?”It’s one of the internet’s most-asked personal finance questions. Well, here at Auto Approve, we’re always saving people money. After all, refinancing your auto loan can save you anywhere from a few hundred to several thousand dollars over the life of the loan! That means we’ve had some time to think about what your next step should be.Whether you have a few hundred or a few thousand dollars back in your pocket, here are 5 smart things to do when you have more money back in your wallet!The Best Thing to Do When You Have Surprise CashAlways speak to an advisor about your unique financial situation before making any big moves. Everyone’s personal finance journey is unique, so these may not all apply to you. Hopefully you can find an idea for your money (or a combination of these suggestions!) that sounds just right.1. Put it in savingsA simple, elegant solution for any windfall, putting your money in savings – especially a high yield savings account, if you have the option – is a great way to set up your future self for success. Savings are important for so many reasons, from lowering financial stress to ensuring you have future freedom.Most Americans aren’t hitting savings recommended targets for emergency funds and retirement. While this bit of extra cash in your wallet might not feel like enough to get you there, any amount is a good start!Ideally, money you save should start to grow with interest so you can keep earning a little extra pocket change on autopilot. Many high yield savings accounts have no minimum balance, so you can even start earning a few percent on just $500 – although the more you can add to the account to grow it, the better.2. 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This is especially true of index funds that don’t rely heavily on one company’s success or failure but rather act as a picture of the market overall.Wondering where to get some extra cash to get started? Consider refinancing! Refinancing allows you to get the best rate you’re eligible for and to change the term of the loan, meaning you can pay less per month and pay less interest overall. Most people who got their auto loan from a dealer can save money thanks to marked up dealership rates!Get a free quote to see how much you could save.4. Start a side hustleIf you want to grow your extra cash into more extra cash, why not use it to start a side hustle? Whether there’s something you love to do or something you’re good at that might be in demand, a little investment can go a long way to get you started. Popular side hustles include things like cottage baking, photography, design, selling things from your garden, or skills learned for work like accounting, personal assistant work, coaching, and so on.If you want to get started with a side job, some things you might consider spending the extra money on could include:EquipmentSoftwareIngredients or materialsA websiteA small standMarketingCourses to build your skillsCertifications to make yourself more marketable5. Spend it on someone or something you loveSo you have a little extra money in your pocket. If you’re in good financial shape otherwise, you can use it as an excuse to treat yourself, your friends, your partner, or your family!Experiences and fun aren’t without inherent value. A great meal might inspire you to cook differently at home. Guitar lessons might feed your soul. A vacation could expand your horizons and help you feel refreshed. And fun is important just for the sake of fun! Even with just a few hundred dollars, you could plan a road trip or find ways to add more excitement and joy to your year.And those are 5 great ways to make the most of $500 (or more!)Which option is right for you and your money? Only you can say. But hopefully, these ideas have given you a jumping off point to get started making your extra cash go further.Put more money in your pocket with Auto Approve.Is refinancing right for you? Find out how much you could save in just a few minutes! Tell us a bit about your vehicle and current loan to see your refinancing options – no commitment or hard credit check required unless you decide to move forward with refinancing! When you get a free quote, an Auto Approve representative will work with you to find the right option for you, then do the paperwork for you when you find a loan that’s right for you.Get your free quote now.
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*APR and Fees Disclosure: Auto Approve works to find you the best Annual Percentage Rate (APR), which is based on factors like your credit history, vehicle and desired payment terms. Fees to complete your loan refinance vary by state and lender; they generally include admin fees, doc fees, DMV and title. Advertised 5.49% APR based on: 2019 model year or newer vehicle, 730 minimum FICO credit score, and loan term up to 72 months. All loans subject to credit and lender approval.
Auto Approve has an A+ rating with the BBB and is located at 5775 Wayzata Blvd, Suite 700 #3327 St. Louis Park, MN 55416-1233. Auto Approve works to find its customers the best terms and APR, which are based on factors like credit history, vehicle, and desired payment terms. Loan amounts, costs, and fees vary by state and lender; they generally include admin fees, doc fees, DMV, and title fees, depending on the lender and period of repayment. There is no fee to obtain a quote and all refinancing-related costs are included in the amount financed so there are no out-of-pocket costs! For more information, please go to AutoApprove.com.