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3 min read . Published on December 8, 2022.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of using loans to buy a car.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched facts that break down complicated topics into bite-sized pieces.

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Many motorists opt to have the option of changing their cars more often, and to avoid any serious financial commitment. But while leasing is a very popular option but there’s been a decrease in availability. In the peak, nearly 30 percent of retail sales were of leased vehicles between 2015 and the year 2019. The percentage of leases is close to that , according to Cox Automotive. This decline should give pause to those who lease, since it could cost more. Why is leasing for vehicles declining? Leasing has seen a drop for three primary reasons, all triggered in part by the outbreak and supply chain issues that came after. 1. The cost of leasing has risen to a point that it is prohibitive. A very attractive advantages of leasing is the that it offers as compared to purchasing the exact same vehicle. The majority of the time, leasing costs less because you pay for the vehicle depreciation incurred during the duration of the lease, plus the tax and rental costs -perhaps even some . In addition it is a lower upfront cost as compared to purchasing. In the second quarter of 2022, for instance, leasing the Honda CR-V cost to lease more than buying, according to Experian. However, as the cost of vehicles has been rising, leasing no longer holds the promise of a lower monthly expense. In the past year, motorists paid on average the same amount for leasing a car as one spent on a new vehicle loan in 2020, according to Cox Automotive. For many, this expensive expense negates the main benefit of leasing, and makes it out of the question. 2. A rise in lease buyouts With fewer vehicles being sold at dealerships and becoming higher prices , many are choosing to hold on to their leased cars instead of signing a contract for the purchase of a new car. This is referred to as a . By keeping ownership of the car, owners were able to avoid the competitive leasing market, and also the higher costs to purchase. However, as more and more drivers agree to lease buyouts, to the leasing market. This interference in the leasing cycle intensifies the lack of available vehicles. 3. Fewer leasing incentives With lower numbers of vehicles available for lease, dealerships have to make up for any money that is lost through other methods. One method is to eliminate any incentives which were previously in place. This is especially true when it comes to vehicle leasing. This means that with more expensive costs and less incentives to make the deal more appealing leasing loses a lot of its luster. The cost of buying used could be more expensive . The change in the leasing market could have ripple effects on vehicles as well. If more motorists hold onto their cars that they lease and sell them off, it restricts the used market to a degree. Leased vehicles that aren’t recirculated to be leased again often end up on the market for used cars. As there are fewer of these vehicles that are reentering the round so there’ll be fewer used cars to purchase. If you — like most drivers — do not have the privilege of waiting to purchase, consider . It is worth the extra effort to request preapproval could help you save money in the long run. Should you buy or lease in 2023? The decision of whether to purchase or lease is based on your individual preferences and requirements. Consider the between leasing or buying your next car. Leasing

Buy

Cost

Leasing tends to carry lower monthly payments and lower initial deposits.

It’s possible to have to make a bigger deposit in the beginning and then spend more every month.

Ownership

You will not fully own the vehicle unless you complete a lease buyout.

Once the loan is paid back, you are fully owned by the car.

Restrictions

You will have restrictions on the number of miles you travel in the ownership period, typically ranging from 10,000 to 15,000 miles.

There aren’t any restrictions for the vehicle’s miles or other limits regarding driving.

Additional costs

Depending on the lease you may have to pay “wear and wear” charges based on the general maintenance of your vehicle.

You are accountable for all long-term maintenance expenses that arise during ownership.

Each option has its own set of benefits and negatives. Whichever option you pick you should be prepared to spend more over the next year. This is especially notable in the case of leasing, because it, unlike the past, can cost as much as the monthly cost to buy an automobile.

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of using loans to buy an automobile.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down complicated topics into manageable bites.

Auto loans editor

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