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    Lease vs Buy

    Which is right for you?

    Lease: pros

    • Lower monthly payment.
    • New car every 3 years.
    • No major repairs (under warranty).
    • Latest safety features.
    • Simple — return at end.
    • Predictable cost.

    Lease: cons

    • Mileage limits — 10-12K/yr typical.
    • Wear-and-tear charges.
    • Forever payments.
    • No equity at end.
    • Expensive to break early.
    • Insurance higher.

    Buy: pros

    • Own the car after loan paid.
    • No mileage limits.
    • Modify if want.
    • Sell anytime.
    • Trade-in value.
    • Long-term lower cost.

    Buy: cons

    • Higher monthly payment.
    • Major repairs after warranty.
    • Older car gradually.
    • Depreciation loss.
    • Selling later = hassle.
    • Need bigger down payment.

    Senior pick: lease IF

    • Drive less than 12K miles/year.
    • Want latest safety features.
    • Don't like maintenance.
    • Predictable budget.
    • 3-year lease cycles.
    • Estate planning simpler.

    Senior pick: buy IF

    • Long road trips frequent.
    • Want to keep car forever.
    • Have cash for purchase.
    • Comfortable with maintenance.
    • Reliability brand (Toyota / Honda).
    • Drive 15K+ miles/yr.

    Cash vs financing

    • Cash — no interest, simple.
    • Financing — sometimes 0% promotions.
    • Don't deplete emergency fund.
    • Keep 6 months expenses liquid.
    • Senior — cash often better choice.
    • Avoid 7-year loans.

    Calculator

    Edmunds.com lease-vs-buy calculator. Plug in numbers. Honest comparison. Generally — buy is cheaper if you keep car 7+ years. Lease cheaper if you trade every 3 years. Most seniors keep cars long = buy makes sense. Talk to financial advisor — they figure your specific situation.