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​Car and Truck Leasing

07-02-2018

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The time has come when you need a new car. Scary thought! The big question that many people have is whether they should buy a new car or lease a new car. Buying versus leasing, that is the question. The sad fact is that many people who could actually benefit from leasing a new car or truck avoid the issue simply because they don't understand the language, or the advantages, of leasing.

One of the major differences between buying and leasing is the size of the monthly payment, and leasing wins hands down on this one.

Let's say that you are considering a car or truck that sells for $30,000. If you BUY the vehicle, you will pay the $30,000, plus the finance charges, plus any associated fees. However, if you lease the very same vehicle, you are going to pay a great deal less. Assume that the vehicle is going to have an estimated value of only $20,000 after 24 months have elapsed. What YOU will pay is the difference or the depreciation of the vehicle plus interest and any related fees. In other words, you will pay $10,000 rather than $30,000, and you will pay interest only on the $10,000 as well.

There are two factors that are used to determine lease payments: depreciation and interest. The depreciation part of the payment goes to the dealer, and the bank or other lending institution keeps the interest part of the payment. At the end of a lease, if you decide to keep the vehicle, you will pay the balance of the new car price; but if you decide not to keep the vehicle, your obligation is over and you can either buy or lease another vehicle.

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