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Understanding Your Average Car Payment: The Truth About Effective Monthly Payments

When it comes to car leasing, the average car payment is the only number that really matters. Dealers and manufacturers love to advertise low monthly payments, but they often rely on large down payments to make those numbers look appealing. The reality is simple: There is no reason to put money down on a lease.The Truth About Down PaymentsLeasing a car doesn’t require a down payment. So why do dealers push them? It’s all about appearances. The advertised payment looks lower with a big upfront payment, making the offer seem more attractive. But that’s just a trick.Here’s what happens:- You put $4,000 down to reduce your monthly payment by $100.- Over a 36-month lease term, you save $3,600.- But you paid $4,000 to achieve that savings. You’ve actually lost money.Always Calculate Your Effective Monthly PaymentTo see the truth, calculate your effective car payment using this simple formula:(Total Down Payment / Lease Term) + Monthly Payment = Effective Monthly PaymentFor example:- Down Payment: $4,000- Lease Term: 36 months- Monthly Payment: $250($4,000 / 36) + $250 = $361 Effective Monthly PaymentThat’s what you’re really paying each month. Don’t be misled by the advertised price — focus on your actual costs.The National Average Car PaymentAccording to recent data, the average car payment in the U.S. typically ranges between $380 to $460 per month. But those numbers are often based on deals that involve hefty down payments. When you include those upfront costs, the real effective car payment is often closer to $500 to $650 per month.To find better deals, visit our regularly updated list of Best Value Leases Right Now.Zero Down Payment Leases Are PossibleThe good news? You don’t have to put money down. Dealers may push for it, but you can say no. Instead, negotiate based on the effective car payment. By refusing to play the down payment game, you’ll have a clearer understanding of your real costs.If you’re unsure whether a deal is good, use our Car Lease Evaluator. It’s a simple tool that factors in all the numbers to help you determine the true value of a lease.Understand the FeesOf course, leasing still comes with some fees. While you can skip the down payment, you may face acquisition fees, registration costs, and other expenses. Make sure you’re aware of these by checking out our complete guide on Car Lease Fees.Why Electric Vehicles Lease So WellThinking about an electric vehicle (EV)? You may notice that EVs often come with better lease deals. That’s because manufacturers offer incentives and government rebates that lower your effective car payment. Curious why? Learn more in our article on Why EVs Lease So Well.Final ThoughtsNever let a dealer talk you into a down payment just to lower your monthly payment. It’s simply a marketing tactic. The average car payment and your effective car payment are what matter most. Focus on those numbers, use tools like our Car Lease Evaluator, and check out the Best Value Leases Right Now to find the best deal.And if you’re new to leasing, our comprehensive Leasing Guide has everything you need to know to navigate the process with confidence.g for your buck. Read the full article

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How to Calculate Residual Value on a Car Lease: A Step-by-Step Guide

How to Calculate Residual Value on a Car Lease: A Step-by-Step GuideWhen you lease a car, one of the most important—but least understood—factors is the residual value. This single number has a huge impact on how much your monthly lease payment will be. In this guide, we’ll break down how to calculate residual value on a car lease, why it matters, and how it can help you choose a better deal.🔧 What Is Residual Value?Residual value is the estimated worth of the car at the end of your lease term. It represents how much the leasing company expects the vehicle to be worth after depreciation.Residual value is typically expressed in percentage form of the car’s MSRP (Manufacturer’s Suggested Retail Price). The higher the residual value, the less your vehicle depreciates during the lease—and the lower your payments are.🧮 How to Calculate Residual Value on a Car LeaseHere’s the simple formula to calculate residual value:Residual Value = MSRP × Residual PercentageExample:- MSRP: $40,000- Residual Percentage: 58%- Calculation: $40,000 × 0.58 = $23,200In this case, the residual value is $23,200. That means the leasing company expects the car to be worth $23,200 at the end of your lease term.💰 How Residual Value Affects Lease PaymentsThe difference between the car’s MSRP and the residual value is the amount you’re effectively financing over the lease term. This is called the depreciation amount.Using the earlier example:- MSRP: $40,000- Residual Value: $23,200- Depreciation: $16,800If your lease term is 36 months, the base monthly payment (before taxes and fees) is:$16,800 ÷ 36 = $466.67This doesn’t include interest (money factor), taxes, fees, or incentives. But the concept is simple: higher residual = lower lease payments.📉 How Residual Percentages Are SetResidual values are set by leasing banks using guides like ALG or J.D. Power, not by dealerships.Lease TermTypical Residual months60% – 70 months50% – 60 months40% – 50%Note: Luxury vehicles often have lower residuals due to higher depreciation.🤔 Why Residual Value Matters to You- Lower Monthly Payments: A higher residual means less depreciation to cover.- Smarter Lease Choices: Cars with high residuals are usually better deals.- End-of-Lease Options: You’ll know whether buying out the lease makes sense.✅ Final ThoughtsUnderstanding how to calculate residual value on a car lease puts you ahead of most shoppers. While leasing can seem complex, it really comes down to a few key numbers—and residual value is one of the biggest.Always compare residual percentages when shopping for a lease. Use the Car Lease Calculator to determine what your actual payment should be. Sometimes a more expensive car with a higher residual will cost less to lease. Use the Car Lease Evaluator to see if you're getting a good deal. Explore more lease tips at CarLeaseTips.com – your guide to smarter, cheaper car leasing. Read the full article

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Press

Featured Articles and PublicationsAt CarLeaseTips, we’re proud to be featured in expert roundups and articles that help drivers make smarter leasing decisions. Here are a few recent mentions:7 Improvements to Enhance the Car Buying ProcessPublished via Featured – April 2025“I contributed thoughts on simplifying paperwork and giving buyers more transparency on trade-in values and lease terms — lessons learned from running CarLeaseTips.com.”Read the Article Read the full article

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Can You Lease a Car Without Driving It?

Can You Lease a Car Without Driving It?It might sound strange, but a surprising number of people have asked:Can you lease a car without driving it at all?The short answer is: Yes, you can. But the better question is: Should you?In this article, we’ll explore what happens when you lease a car but barely (or never) drive it — and whether it’s a smart idea or a financial mistake.🚗 Why Would Anyone Lease a Car Without Driving It?It’s not as crazy as it sounds. There are real-life reasons someone might lease a car and let it sit:- Parents leasing a car for a teen who’s away at school- Remote workers who almost never leave home- Business owners who need a vehicle on paper (for taxes)- Collectors who want access to rare trims or models- People banking on lease equity (resale value) without wear and tearSo yes, it happens — and sometimes on purpose.📉 What Happens If You Don’t Drive Your Lease?Here’s what you need to know if your leased car barely leaves the driveway:1. You’re Still Paying for DepreciationLease payments are based on the car’s expected loss in value over time, not how many miles you actually drive. So even if you never start the engine, you’re still paying for depreciation.2. You Don’t Get a Refund for Unused MilesThat 10,000 or 12,000 miles/year limit? It’s a ceiling — not a quota. If you return your lease with only 3,000 miles, the dealer might be impressed... but they’re not handing out refunds.3. Low Mileage May Help at Lease-End (Maybe)Some lenders will offer positive equity or buyout flexibility if the car is in pristine condition with very low mileage. Others won’t care — they just go by the fixed residual value.🤔 When It Does Make Sense to Lease Without DrivingThere are a few fringe cases where this could actually be smart:- You expect high lease-end resale value and plan to buy or flip the car- You’re deducting the lease as a business expense- You needed to lock in a hard-to-find model or deal but don’t need to drive it yet⚠️ When It’s a Bad IdeaMost of the time, this strategy backfires if:- You’re paying $600+/mo for a car you don’t use- You assumed leasing was a way to “store” a vehicle- You didn’t factor in insurance, registration, and maintenance costsEven unused leased cars need to be insured and maintained, or you’ll risk fees at turn-in.🔧 Pro Tip: Consider a One-Pay LeaseIf you truly plan to hardly drive your leased vehicle, ask about a one-pay lease (where you pay everything up front). This may qualify you for a lower money factor (interest rate) and simpler exit options later on.✅ Final Verdict: Can You Lease a Car Without Driving It?Yes, you can — but it’s rarely a good move unless it’s strategic.If your goal is to save money, leasing a car that sits idle doesn’t make sense. But if you’re playing a long game for tax reasons, business use, or buyout timing? It can work.Just make sure you understand the cost of letting a depreciating asset sit unused. Read the full article

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How Do Other EVs Compare to Tesla? A Head-to-Head Look at EV Tech in 2025 Tesla may still be the benchmark in the EV world, but the competition is catching up — fast. In this article, I compare Tesla’s core models with top rivals from Kia, Hyundai, Nissan, Ford, and even Rivian. You’ll see side-by-side specs for range, acceleration, charging speeds, and pricing — all in a clean infographic. If you’re leasing or shopping for an EV in 2025, this might save you from overpaying for the badge alone. Read the full article

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The Real Reason Behind Those Surprisingly Low PaymentsOver the past few years, electric vehicles (EVs) have exploded in popularity — and if you've looked into leasing one, you might've noticed something curious:💡 EVs often lease better than their gas-powered counterparts.Lower payments, smaller down payments, and sometimes jaw-dropping deals on high-tech vehicles.So what’s the catch?Well... there isn’t one. But there is a hidden reason behind the numbers.🚀 The #1 Reason EVs Lease So Well: Federal Tax CreditsWhile buying an EV comes with its own incentives, leasing unlocks them in a different — and often more powerful — way.🔍 How It Works: - When you lease an EV, you’re not the legal owner — the leasing company is. - That leasing company can claim the full $7,500 federal tax credit. - Instead of pocketing it, they often pass most (or all) of that savings onto you in the form of lower monthly payments or bonus lease cash.It’s essentially a subsidized discount built into the lease, and it’s not dependent on your personal tax situation.🏛 State Incentives Sweeten the DealMany states offer stackable EV incentives that apply to leases too, such as: - 💸 California Clean Vehicle Rebate ($1,000–$7,500) - 🔌 New Jersey: No sales tax on EVs - 🌲 Colorado: Up to $5,000 off (as of 2025)These additional kickbacks either reduce your due-at-signing cost or lower your effective monthly payment even further.📉 Real-World ExampleLet’s say a gas-powered compact SUV leases for $319/month with $2,500 down.But the EV version (same MSRP range) might lease for $259/month with just $1,499 down — even though it costs more to manufacture.That’s the incentive cash working behind the scenes.📊 Other Reasons EVs Lease Better - Higher residual values — especially for brands like Tesla and Toyota - Manufacturer push: automakers want more EVs on the road to meet emissions targets - Lower risk for leasing companies: EVs typically require less maintenance and return in better shape🧠 Bottom LineLeasing is one of the smartest ways to get into an EV, especially while federal and state incentives are still flowing.Unlike buying — where your ability to claim a tax credit depends on your income and taxes — leasing builds those perks into the deal upfront.You benefit from the savings without the paperwork or tax-season wait.🔗 Ready to Compare EV Lease Deals?👉 See the Best EV Lease Offers Right NowRanked by Lease Value Rating (LVR) — so you can spot real value at a glance. Read the full article

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How Dealerships Use Deceptive Tactics to Blur the Lines of a Fair Trade-In Agreement

How Dealerships Use Deceptive Tactics to Blur the Lines of a Fair Trade-In AgreementBuying a car should be an exciting experience, but it can quickly turn frustrating when deceptive tactics come into play. I recently purchased a vehicle from a local Kia dealer in Wheat Ridge, Colorado, and what should have been a straightforward transaction became a lesson in how dealerships manipulate numbers to maximize their profits.My experience highlights the importance of understanding dealership tricks like the so-called "effective tax credit" car buying scam and how to protect yourself by demanding a clear purchase agreement before signing anything. If it can happen to someone like me, with years of experience in buying and leasing cars, it can happen to anyone.The Trade-In Trap: When Promises DisappearI approached the dealership with a clear request: I wanted $17,000 for my trade-in. The dealership agreed, but only if I financed the purchase instead of paying cash. They claimed financing would benefit them and assured me I could pay off the loan at any time without incurring extra costs. Trusting this arrangement, I agreed.However, when it came time to sign the paperwork, the trade-in value listed was only $15,700. When I questioned this, they justified it by mentioning something called "effective sales tax savings." It was an intentionally misleading explanation. The sales tax savings they referred to weren’t a dealership incentive at all. In most states, sales tax is calculated on the difference between the trade-in value and the price of the new vehicle. This is simply a standard tax law, not a special offer from the dealership.By using the term "effective tax credit," they disguised the fact that they failed to honor their $17,000 trade-in promise. Instead, they relied on a legal tax rule to cover the shortfall, presenting it as a dealer benefit. This type of "effective tax credit car buying scam" is something buyers need to watch out for.Hidden Fees and Surprise ProductsUnfortunately, the dishonesty didn’t stop there. After reviewing my contract at home, I noticed a $799 charge for a LoJack aftermarket product. I never requested this product, nor do I recall it being clearly explained to me during the signing process. Hidden fees like these are often added without a clear conversation, preying on the fact that buyers are often overwhelmed and eager to complete the purchase.This deceptive practice is another example of how dealerships manipulate buyers. Being charged for a LoJack product without clear consent is a tactic some dealers use to inflate their profits.Understanding Car Trade-In Tax SavingsWhile dealerships might misuse the term "effective tax credit" to confuse customers, understanding real car trade-in tax savings is essential. In many states, when you trade in a vehicle, the taxable amount is based on the difference between your trade-in value and the new car’s price. This can lead to significant savings on your sales tax.However, these savings are a benefit provided by the state, not the dealership. Dealers may try to take credit for this by incorporating the savings into their sales pitch, misleading buyers into thinking they are receiving a special offer. Always verify who is truly benefiting from the tax savings.Standing Up for a Fair ResolutionAfter recognizing these issues, I contacted the dealership to propose a fair resolution. I requested a $1,449 refund to cover half the trade-in difference ($650) and the $799 for the unwanted LoJack product. Additionally, I sought written confirmation that I could pay off the loan early with no prepayment penalty, as initially promised.Despite assurances that my concerns would be addressed, the dealership chose not to respond. Rather than engaging in an honest conversation, they opted for silence, refusing to stand by their own agreements.Common Dealership Tactics to Watch ForMy experience isn’t unique. Many buyers face similar situations without realizing it until it’s too late. Here are some common tactics to be aware of:- The Effective Tax Credit Car Buying Scam: As seen in my case, dealerships may falsely present tax savings as a special perk, masking their failure to meet promised trade-in values.- Hidden Add-Ons: Products like LoJack, extended warranties, or service contracts are sometimes added to contracts without consent.- Bait-and-Switch Financing: Dealers may offer appealing rates or incentives but alter terms in the finance office, knowing buyers are less likely to walk away at that stage.- Payment-Focused Sales Pitches: Salespeople often focus on the monthly payment instead of the total cost of the vehicle, allowing them to manipulate other factors like interest rates and fees.How to Protect YourselfTo avoid falling victim to these tactics, follow these key steps:- Get a Detailed Purchase Agreement in Writing: Before signing anything, request a detailed breakdown of the purchase price, trade-in value, taxes, and fees. Review it thoroughly.- Ask for Clear Explanations: If a dealer mentions an “effective tax credit” or similar term, ask them to clarify what it means and how it benefits you.- Watch for Add-Ons: Confirm that no aftermarket products like LoJack have been added without your consent.- Understand Your Trade-In Value: Research your trade-in’s actual market value using resources like Kelley Blue Book or Edmunds, and don’t be afraid to walk away if the deal doesn’t add up.- Take Your Time: Never rush through the finance office paperwork. Dealerships rely on fatigue and pressure to push through questionable terms.Final ThoughtsMy experience serves as a reminder that even experienced car buyers can fall prey to deceptive dealership tactics. While the local dealer in Wheat Ridge may consider their actions legal, they were far from ethical. Transparency and honesty should be the standard, not the exception.By sharing my story, I hope to empower others to approach their car-buying experiences with confidence. The more informed you are, the harder it becomes for dealerships to manipulate the process. And remember – it’s okay to walk away if something doesn’t feel right.Have you experienced similar tactics? Share your story in the comments below. Let’s keep dealerships accountable and encourage more ethical practices in the car-buying process. Read the full article

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Spin the Wheel and Get a Leasing Tip in just Seconds! | Try the Lease Tip Spinner Lease Tip Spinner Spin for a Lease Tip! Spin the WheelWelcome to the Lease Spinner page, your ultimate destination for simplifying the process of picking a new car lease. Tired of combing through endless listings and confusing spec sheets? Our one-of-a-kind tool helps you spin, discover, and compare the best lease offers with just a click. Whether you’re a first-time leaser or a seasoned pro, we make it easy to explore a variety of vehicles—from compact city cars to spacious SUVs—without the usual hassle.Unlike traditional search engines or dealership websites, the Lease Spinner injects a bit of excitement into your car-leasing journey. Simply click the spin button, and you’ll instantly see a curated selection of lease deals tailored to your preferences. This fun approach means you can stumble upon hidden gems or deals you might otherwise miss. We also provide transparent information on monthly payments, down payments, and mileage limits, so you know exactly what to expect before signing on the dotted line.We’re dedicated to delivering an experience that’s both straightforward and rewarding. That’s why the Lease Spinner also includes helpful tips, like how to negotiate lease terms, how to estimate trade-in values, and how to evaluate add-ons such as maintenance packages. By giving you complete control over the spinning process, you can narrow down your options based on brand, budget, or style—ensuring you end up with a perfect match for your lifestyle.Ready to discover your next great lease deal? Give the Lease Spinner a whirl today and see what the wheel of opportunity brings. You might just find yourself behind the wheel of a brand-new ride, all at a price that makes you smile. And the best part? Each spin is entirely free and commitment-free, so you can experiment with as many spins as you like, exploring different makes, models, and lease terms until you find the perfect fit!​ Read the full article

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The Sacred Side of Car Leasing: A Smarter, Godlier ChoiceThere’s a lot of negative talk about car leasing, and frankly, it’s rooted in ignorance. Critics often claim that leasing is a financial trap, yet they overlook a fundamental truth: we can’t take our cars, homes, or possessions to the grave. We don’t even own our own time on this earth. Life is short, and our most valuable resource isn’t money – it’s time. Leasing is a choice made by those who understand that reality. Instead of tying up capital in a depreciating asset, we choose to drive newer, safer, and more reliable vehicles while keeping our financial flexibility. Cars lose value whether we lease or buy, just as our bodies age and depreciate with time. Why pour money into ownership when the end result is the same?Leasing, when done responsibly, is not only financially smart but also a reflection of thoughtful stewardship. It acknowledges the temporary nature of our lives and the resources entrusted to us. By making wise decisions about how we use our finances, we honor the blessings we have been given. You can explore how we evaluate these choices using our Lease vs. Buy Comparison page, where we break down the financial and practical advantages of leasing.The Problem with One-Size-Fits-All AdviceDave Ramsey and Suze Orman are two of the loudest voices preaching against leasing, urging their followers to avoid it at all costs. But their one-size-fits-all advice often does more harm than good. While their perspectives may suit those who prioritize absolute ownership, they dismiss the nuanced reasons why leasing can be a smart financial choice. Leasing makes sense for people who value lower monthly payments, enjoy driving the latest models with the latest safety features, and avoid the headaches of long-term maintenance. Not everyone dreams of driving a car until the wheels fall off.Addressing the Leasing MythsThe arguments against leasing are often built on outdated beliefs and exaggerated fears. Critics say leasing means you’ll have “nothing to show for it” at the end of your term. But let’s be honest – owning a depreciated car isn’t exactly a trophy worth celebrating. Others argue that leasing locks you into endless payments. Yet those same people often finance vehicles with long loan terms, effectively making payments for years with little equity to show for it.Furthermore, leasing provides predictability. With warranties covering most repairs and no unexpected mechanical failures to worry about, lessees enjoy peace of mind. And let’s not forget the opportunity cost of ownership. The money saved from lower lease payments can be invested, used for experiences, or simply enjoyed.A Car for Life: Accepting Reality with a Smarter ChoiceDriving is an inevitable part of modern life. As long as we are blessed with good health, we will need to drive. Whether it’s commuting to work, running errands, taking our kids to school, or heading out for family road trips, vehicles are essential. Beyond the routine, cars also allow us to explore the world God has graciously given us. From weekend getaways to cross-country adventures, the freedom of the open road is one of life’s great joys.Leasing acknowledges this reality. Unlike the fear-driven arguments that insist on ownership, leasing provides the flexibility to enjoy reliable, comfortable transportation without financial strain. It’s about making responsible choices – not chasing the illusion of permanence. Owning a car doesn’t change the fact that you’ll always need a vehicle. Why spend years paying off a depreciating asset when you could drive a better car for less?Understanding the LVR Formula: Real Value for a Temporary LeaseHere at Car Lease Tips, we promote using the Lease Value Ratio (LVR) to determine the best lease deals. The LVR formula compares your monthly payment to the vehicle's MSRP, helping you identify the most bang-for-your-buck options. Just like our time on earth, a car lease is temporary. Focusing on how much value you receive for your monthly payment is a far smarter approach than obsessing over ownership.LVR = (Monthly Payment / MSRP) x 100A lower LVR means a better deal. By applying this simple formula, you ensure you’re getting the most value during your lease term. It’s a reflection of our real-world reality – making the most of what we have now instead of getting bogged down by the illusion of permanence.Of course, there are bad leases out there – just as there are bad purchases. Dave Ramsey and Suze Orman have blinders on, choosing to focus solely on the negative side of leasing without acknowledging the numerous pitfalls of buying a car. From overpaying at the dealership to getting stuck with unreliable used cars that rack up expensive repairs, purchases can be financial disasters too. Leasing doesn’t mean being reckless; it means being informed. With the LVR formula and careful deal analysis, lessees can make smart, budget-conscious choices that offer both financial security and driving enjoyment.Learn more about how to identify the best car lease deals by using our LVR Calculator. This helpful tool will ensure you’re making a wise decision that aligns with your financial goals.Final ThoughtsUltimately, the decision to lease is about understanding the value of time and choice. Leasing means embracing flexibility, driving what serves you best today, and acknowledging that possessions are temporary. While Ramsey and Orman may keep shouting from their pulpits, those who lease understand a different truth – we’re not tied to the illusion of ownership. We’re making smart, conscious choices with the finite time we’ve been given. And that’s a financial strategy worth respecting. Read the full article

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Lease or Buy a Car Calculator – What’s the Best Deal for You? Trying to decide whether to lease or buy a car? Both options have pros and cons, but the right choice depends on your budget, driving habits, and long-term financial goals. Our Lease vs. Buy Car Evaluator helps you compare lease payments vs. loan costs, factoring in resale value and total ownership expenses. How the Lease vs. Buy Calculator Works Simply enter your lease payment details and car purchase costs, including: - ✅ Monthly lease payment and term - ✅ Loan interest rate and loan term - ✅ Down payment for lease vs. car purchase - ✅ Estimated resale value after 5 years Our tool will calculate the total cost over 60 months, assuming you would continue leasing a new car after your current lease ends. It then compares it to the full purchase cost minus the resale value to see which option saves you the most money. Lease or Buy a Car Calculator Lease vs. Buy Car Evaluator Lease Inputs Lease Monthly Payment ($): Lease Term (Months): Lease Down Payment ($): Buy Inputs Car Purchase Price ($): Loan Term (Months): Interest Rate (%): Estimated Resale Value After 60 Months ($): Compare Lease vs. Buy Understanding Your Lease vs. Buy Results After entering your numbers, the evaluator will show: - 💰 Total lease cost over 60 months - 🚗 Total cost of buying (including resale value deduction) - 📊 Side-by-side cost comparison with a pie chart - ✅ A verdict on whether leasing or buying makes better financial sense Should You Lease or Buy? Pros and Cons 🚗 Benefits of Leasing - ✅ Lower monthly payments vs. financing a new car - ✅ Ability to drive a new car every few years - ✅ Covered by warranty for most of the lease period ⚠️ Downsides of Leasing - ❌ No ownership – always making payments - ❌ Mileage limits and wear-and-tear fees - ❌ Long-term leasing can be more expensive than buying 🏆 Benefits of Buying - ✅ You own the car after paying off the loan - ✅ No mileage restrictions or lease-end fees - ✅ Better long-term value due to resale potential ⚠️ Downsides of Buying - ❌ Higher monthly payments compared to leasing - ❌ Depreciation affects resale value - ❌ More out-of-pocket maintenance costs after warranty expires Final Verdict: Which Option is Best for You? The best option depends on your personal situation. Here’s a quick guide: - 🔹 Lease if: You prefer lower payments, love driving a new car, and don’t mind never owning. - 🔹 Buy if: You want long-term savings, plan to keep your car for years, and want to build equity. Use our Lease vs. Buy Car Evaluator above to compare your numbers and find out which option truly saves you more money! 🚗💰 Lease or Buy a Car: The Ultimate Guide Lease or Buy a Car: The Ultimate Guide to Making the Right Choice Lease or Buy a Car: Which Option is Best for You? Deciding whether to lease or buy a car is one of the biggest financial choices car shoppers face. Both options come with distinct advantages and drawbacks, making the right choice dependent on your lifestyle, budget, and long-term goals. If you're considering leasing or buying, use our Lease or Buy a Car Calculator to quickly evaluate which option suits you best. The Basics of Leasing vs. Buying a Car Before diving into the pros and cons of leasing or buying a car, let’s clarify what each option entails: - Leasing: You pay to use the car for a fixed period (usually 2-3 years) with lower monthly payments. At the end of the lease, you return the vehicle unless you choose to buy it. - Buying: You either pay the full cost upfront or finance it over time. Once the loan is paid off, the car is yours to keep, sell, or trade. The Advantages of Leasing a Car 1. Lower Upfront and Monthly Costs Leasing a car typically requires little to no down payment, and the monthly payments are lower compared to financing a purchase. 2. Easier Negotiation When leasing, the only thing that truly matters is the effective monthly payment. Instead of negotiating interest rates and long-term financing terms, focus on getting the best monthly lease price. 3. Reduced Depreciation Risk Cars lose value over time, but with a lease, depreciation is the leasing company’s problem, not yours. 4. Always Drive a Newer Car Leasing allows you to upgrade to a new vehicle every few years, ensuring you always have the latest technology, safety features, and fuel efficiency improvements. 5. Minimal Maintenance Costs With most leases covering the car’s warranty period, you avoid costly maintenance expenses such as brakes, tires, and major repairs. Want to find the best lease deals? Check out our guide to the Best Car Lease Deals Right Now. The Advantages of Buying a Car 1. Full Ownership When you buy a car, you own it outright once the loan is paid off. This means no mileage restrictions, no end-of-lease penalties, and no monthly payments after your loan is completed. 2. Long-Term Savings While leasing may seem cheaper in the short term, buying a car and keeping it for several years leads to long-term savings. 3. No Mileage Restrictions Leased cars come with mileage limits, typically ranging from 10,000 to 15,000 miles per year. Buying a car eliminates this concern. 4. Customization and Modifications Leased vehicles must be returned in original condition, whereas owning a car allows for personal modifications, upgrades, and customizations. 5. Buying Used Saves Money Purchasing a slightly used car can offer significant savings. A car that’s 1-3 years old has already gone through its steepest depreciation phase. Reliable Long-Term Vehicles If you plan to buy a car, consider models known for their durability and resale value: - Toyota Tacoma – One of the best resale values in the industry. - Honda Civic – Affordable, fuel-efficient, and reliable. - Toyota 4Runner – A rugged SUV that holds value well. - Jeep Wrangler – Strong resale value and excellent off-road capability. When Leasing Makes More Sense Leasing can be a smart financial decision if: - You find a lease with an LVR (Lease Value Ratio) of 1.1% or less. - You prefer driving a new car every 2-3 years. - You don’t want to worry about major maintenance costs. Use our Car Lease Evaluator to ensure you get the best possible lease deal. When Buying a Car is the Better Choice Buying makes more financial sense if: - You plan to keep the car for 5 years or more. - You drive more miles than a lease allows. - You want full ownership with no restrictions. Conclusion: Lease or Buy a Car? The choice between leasing or buying a car depends on your personal financial situation, driving habits, and long-term goals. - Lease if you want lower monthly payments, drive fewer miles, and prefer a new car every few years. - Buy if you plan to keep your car long-term, drive a lot, or want to avoid continuous payments. Before making a decision, use our Lease or Buy a Car Calculator to compare costs. For more expert leasing tips, check out our Car Lease Tips Guide. Read the full article

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Car Lease Search | Score on an Amazing Lease Deal!

Best Car Lease Deals – Updated for April 2025

Car Lease Search Headquarters

This Car Lease Search engine will locate and display virtually any car lease available at this moment in time. Read the full article

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A Detailed Rebuttal to Ramsey Solutions on Car Leasing

Dave Ramsey has built an influential platform in the personal finance space, with contributors like George Kamel echoing his staunch anti-debt philosophies. Kamel’s recent article on car leasing, published on Ramsey Solutions, reflects the core beliefs of Ramsey’s approach: avoid all debt at any cost. While their commitment to financial freedom is admirable, their blanket condemnation of leasing lacks nuance and fails to consider situations where leasing can actually be a smarter financial choice.

A Detailed Rebuttal to Dave Ramsey and George Kamel's Take on Car Leasing

Let's break down the key points of their argument and offer a more balanced perspective. Has Either George Kamel or Dave Ramsey Actually Ever Leased a Car? Most of us who lease have also purchased vehicles, and we understand the real-life pros and cons of both options. It’s interesting how some perceived experts confidently give advice on leasing without any firsthand experience. George Kamel and Dave Ramsey frequently warn against leasing without acknowledging that many lessees have a clear financial strategy. It’s a bit like a child behavior expert who has never had children—while theory has its place, experience is often the best teacher. Those of us who have both leased and purchased vehicles can provide a more well-rounded perspective on what actually makes financial sense. 1. George Kamel's Perspective: Leasing Is a Rip-Off Kamel calls leasing a glorified rental car and labels it as the most expensive way to drive a car. While leasing may not be ideal for everyone, it’s not inherently a rip-off. - Lower Monthly Payments: Leases typically have lower monthly payments compared to financing a car purchase, making a lease more affordable in the short term. Evaluate a lease deal with this tool. - Depreciation Protection: With a lease, the risk of depreciation falls on the leasing company, not the consumer. This is especially beneficial in today’s unpredictable car market. - No Long-Term Commitment: For those who enjoy driving newer cars with modern features, leasing offers flexibility without the long-term financial burden of ownership. 2. "Owning a Car Is Debt-Free" While Ramsey and Kamel promote buying a car outright to live debt-free, this perspective ignores the reality of ongoing financial liabilities that come with car ownership. The notion that once you own a car, you’re free from financial worry is misleading. - Repair and Maintenance Costs: Once a car is out of warranty, repairs can become expensive. A single major repair can easily match several months' worth of lease payments. - Depreciation Risk: Car values drop quickly, and as an owner, you bear that loss. - Unexpected Liabilities: EV owners face particularly high replacement costs for batteries, which can run into the tens of thousands of dollars. Would you rather lease that risk away? Learn why EVs lease so well here. When you lease, you make payments for a fixed period without worrying about unexpected repairs or the car’s diminishing value. Your only concern is your effective tax payment — not repair costs, resale values, or battery degradation. 3. Enjoying the Freedom of Leasing Leasing not only offers financial advantages, but it also provides something money can’t buy: peace of mind. - Road Trip Reliability: Newer cars are far less likely to experience breakdowns. According to a recent study by Consumer Reports, vehicles less than three years old are up to 70% more reliable than those over five years old. - No Worry About Repairs: Most leased vehicles remain under a comprehensive warranty, covering repairs and unexpected mechanical issues. - Travel Without Stress: America is full of beautiful destinations, from the Rocky Mountains to the coastal highways. Leasing gives you the freedom to tour and explore without the looming anxiety of a breakdown. Do you really want to navigate a cross-country road trip in a car with 150,000 miles on the odometer? Choosing to lease means enjoying the journey without the constant worry of repair costs or mechanical failures. 4. "Depreciation Makes You Lose Money" While it’s true that cars depreciate quickly, leasing allows consumers to pay only for the portion of the car’s value they use during the lease term. This makes depreciation a non-issue for lessees. When the lease is up, you walk away without worrying about selling or trading in a depreciating asset. Use our lease vs. buy calculator to see how leasing compares. 5. "Hidden Fees and Interest Rates" Ramsey and Kamel emphasize fees like acquisition fees, disposition fees, and excessive wear-and-tear charges. While these are legitimate concerns, they are predictable and manageable with careful planning. In contrast, financing a car often comes with higher interest rates and hidden add-ons. Plus, the infamous Effective Tax Credit Scam is a common tactic used to trick buyers into thinking they’re getting a great deal when they’re not. Leasing eliminates this risk since your tax responsibility is clear and fixed. Learn more about how dealerships manipulate the effective tax credit here. Final Thoughts While Ramsey and Kamel’s advice works well for those aiming to live completely debt-free, it’s not a one-size-fits-all solution. Leasing has its place in the financial landscape, especially for those who understand and strategically manage their finances. Before deciding whether to lease or buy, consider your driving habits, financial goals, and long-term plans. Request a detailed purchase agreement, analyze the total cost of both options, and choose what makes the most sense for your situation. If you’re still unsure, take a look at common car leasing myths to clear up misconceptions. Personal finance is never black and white, and that’s why it’s essential to evaluate all options—not just the ones Ramsey and Kamel deem acceptable. After all, financial freedom is about making informed decisions that align with your goals, not someone else’s beliefs. Leasing and the Joy of Life In the bigger scheme of things, this isn’t just about leasing versus buying cars. I understand that Dave Ramsey is fundamentally against driving new cars, insisting they’re unnecessary. But his stance goes beyond practical advice — it often veers into demonizing things people genuinely enjoy. While I appreciate his mission to help people get out of debt, I can't help but question — what good is financial freedom if you can't enjoy the things that bring you happiness? Some people find joy in concerts, sporting events, dining at fine restaurants, or traveling to exotic destinations. Others simply love the experience of driving a new car. Yet, car leasing seems to face harsher criticism than almost any other lifestyle choice. And figures like Dave Ramsey and George Kamel are leading that charge. Mr. Ramsey has undoubtedly earned his success by helping people achieve financial independence, and that’s commendable. But the notion that he — or anyone else — should dictate how people choose to enjoy their lives is where I take issue. If the purpose of achieving financial freedom is to enhance our quality of life, discouraging people from spending on what genuinely brings them joy feels contradictory. Life is temporary, and we can’t take our money or possessions with us. In many ways, choosing to lease rather than own reflects a more balanced, thoughtful perspective on enjoying life’s fleeting moments. It’s not about carelessness — it’s about recognizing that financial freedom includes the freedom to savor what we love. And for some of us, that means the pleasure of driving a brand-new car. Read the full article

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