Should I Lease a Vehicle? Complete Buying vs. Leasing Comparison

Why Should You Lease a Vehicle?

Leasing a vehicle can be an attractive option for those looking to have a reliable and stylish vehicle without the substantial financial commitment associated with buying one. With a leasing agreement, you are essentially borrowing a vehicle and repaying the difference between its value when new and its expected value at the end of the lease, plus any finance charges. The upside is that you can get behind the wheel of a more luxurious car than you might otherwise be able to afford, as the payments are usually lower since you aren’t paying back any principal. In addition, you will always be driving a late-model vehicle that is covered by the manufacturer’s new-car warranty and may include free oil changes and other scheduled maintenance. There may also be significant tax advantages for business owners. At the end of the lease, you just drop off the car at the dealer.

Leasing a vehicle also eliminates the hassle of having to resell it when you are ready for a change, as well as helping to avoid the fluctuations in the car’s trade-in value. A lease can also be less expensive than financing a used car, as your payments cover the cost of depreciation rather than the vehicle’s principal.

Leasing is therefore well-suited to those who drive less than 10,000 miles a year, are gentle on their vehicles, and prefer to have the latest technology on their car. People who enjoy long road trips, are willing to put time and money into maintenance, and favor functionality over style may find it more advantageous to buy a vehicle instead.

What to Consider When Buying vs Leasing a Vehicle?

1. Buy vs. lease a vehicle: Cost

When deciding whether to buy or lease a car, cost is a major factor. Buying a car involves higher monthly payments, but you will own the car outright in the end. Leasing a car has lower monthly payments and gives you access to cars that you may not be able to afford to buy, but you will never end the payments on the car. Many factors have to be taken into account when considering these payment choices.

When it comes to buying a car, the cost of the loan is the main factor. You will borrow money from a bank, credit union, or other lending institution and make monthly payments for a set number of years. Each payment will be made up of interest and a portion of the principal. The higher the interest rate, the greater your payments will be. As you pay down the loan, you will build equity until the car is fully paid off. With a purchased car, you will face no penalties for modifications or abuse, just potential repair bills and a lower resale value.

Leasing a car is an attractive option due to the lower monthly payments and access to cars that may normally be out of your budget. A lease payment is typically less than the monthly cost of a loan, but the car must be returned at the end of the lease term. Additionally, auto insurance costs may be higher for a leased vehicle than for a purchased one. There may also be personal property taxes attached to a lease.

To determine which option is best for you, consider the miles you plan to drive, the amount of money you are willing to spend, and the purpose of the vehicle. Calculators can help you decide which option is best for your budget. Ultimately, the decision between buying and leasing comes down to the individual needs and preferences of the car buyer.

2. Buy vs. lease a vehicle: Loan terms

When comparing the two major finance choices of buying versus leasing a vehicle, there are several loan terms to consider. When buying a vehicle, the loan terms are generally straightforward, with the borrower borrowing funds from a bank, credit union, or other lending institution and making monthly payments for a number of years, with a chunk of each payment going towards interest and the rest towards paying off the principal. With a lease, buyers make a monthly payment to drive a new car for a set term, which is usually less than the monthly cost of financing a new vehicle. However, at the end of the term, the car must be returned. Leases also may have mileage restrictions and extra rebates that may not be available to loan customers, making a head-to-head comparison more difficult. Additionally, two back-to-back three-year leases will cost more than buying a car with a loan or with cash and owning it over the same period. Ultimately, the decision between buying or leasing a vehicle comes down to one’s preference and budget.

3. Buy vs. lease a vehicle: Interest rates

When it comes to making the decision between buying and leasing a vehicle, interest rates are an important factor to consider. With buying, you will have to pay interest on the entire cost of the car, minus any down payments or trade-ins. This means that if you’re purchasing a new SUV that costs $40,000 and you make a $5,000 down payment, your interest payments will be based on a $35,000 loan for four to six years. On the other hand, when leasing a vehicle, you will only have to pay interest on the depreciation that is expected to occur during the lease term. This can result in lower interest payments, but you won’t end up owning the car in the end. Furthermore, credit unions have been known to offer more favorable rates if you have an established banking relationship. Ultimately, it’s up to you to decide what works best for you and your budget.

4. Buy vs. lease a vehicle: Down payment

When buying or leasing a vehicle, the down payment is an important factor to consider. When taking out a loan to buy a car outright, a down payment helps establish equity in the vehicle, making the value greater than the balance on the loan. However, when leasing, putting down a large down payment generally just reduces the monthly payment but does not necessarily result in any savings over the life of the lease. Furthermore, if the car is totaled in an accident, the down payment money is gone for good.

When considering a loan or lease, the required down payment could be around 10-20% of the car’s total cost. Those with lower credit scores may need to come up with a larger down payment for a more expensive vehicle. Leasing may involve more upfront costs, such as the first month’s payment and a down payment, so it is important to try to negotiate the lowest possible monthly payment. Ultimately, if you can secure good lease terms, it may be wise to keep the down payment as low as possible in order to protect yourself in the event of a total loss or theft.

5. Buy a vehicle: Rental fees

When comparing the costs of buying a car versus leasing one, it is important to consider rental fees. If you are leasing a car, you will have to pay an acquisition fee (or lease initiation fee) and may have to pay additional fees for excess mileage, modifications, excess wear and tear, and early termination. On the other hand, when you buy a car, you will usually have to pay a higher down payment and slightly higher monthly payments, and any modifications you make to the car will be your responsibility. Additionally, you will have to pay for long-term maintenance on the car. Ultimately, leasing a car for the long-term can be more expensive than buying one and using it for many years.

6. Buy vs. lease a vehicle: Annual mileage limit

When it comes to buying and leasing a vehicle, the annual mileage limit can vary greatly. When leasing, the typical mileage range is between 10,000 to 15,000 miles, and going above this limit can incur an additional cost of around 30 cents per mile. On the other hand, when buying a vehicle, there is no mileage limit, and buyers can drive as much as they need to without incurring any extra charges. Additionally, buying a car often allows a driver to keep the car for years after the loan is paid off, while leased vehicles must be returned at the end of the lease term. Wear and tear is another key difference between buying and leasing, as consumers who buy their car won’t be charged for minor scratches and dings, while leased cars can incur extra charges for excessive wear and tear.

7. Buy vs. lease a vehicle: Automobile Insurance

When considering the option to buy or lease a vehicle, it is important to take into account the vehicle insurance costs associated with each. When it comes to leasing a car, the driver will typically have to pay a higher annual car insurance cost than if they were to purchase the vehicle. Additionally, in some states, the driver of a leased vehicle must pay personal property tax, which is not required when purchasing a car. On the other hand, when buying a car, the driver may need to purchase full coverage that includes both collision coverage and comprehensive coverage in order to ensure sufficient funds in the event of an accident. Gap insurance may also be necessary to cover the difference between the current value of the car and the remaining balance owed. Therefore, it is important to weigh the cost of insurance when making a decision between buying and leasing a car.

8. Buy vs. lease a vehicle: Registration fees

When looking at the costs associated with buying and leasing a car, one of the major differences is in the upfront costs. When buying a car, the upfront costs include the cash price or a down payment, taxes, registration, and other fees. The monthly payments for a loan are typically higher than for a lease, because you are paying off the entire purchase price, interest and other finance charges, taxes and fees. When leasing a car, the upfront costs may include the first month’s payment, a refundable security deposit, an acquisition fee, a down payment, taxes, registration and other fees. The monthly payments for a lease are almost always lower than loan payments, as you are only paying for the vehicle’s depreciation plus interest charges (called rent charges), taxes and fees. In terms of registration fees, when buying a car, you must pay a set registration fee to register the vehicle in your name, whereas when leasing a car, the registration fee may be included in the monthly lease payments.

9. Buy vs. lease a vehicle: Maintenance costs

When it comes to deciding whether to buy or lease a vehicle, the costs of maintenance are an important factor to consider. When you purchase a car, you are responsible for all maintenance and repair costs. These costs can add up quickly, especially if the car is older and needs frequent repairs. However, if you are willing to put in the time and money to maintain it properly, ownership can be less expensive in the long run. On the other hand, when you lease a vehicle, you are responsible for basic maintenance like oil changes, but expensive repairs will be covered by the lease. This can be beneficial if you want to drive a newer car without needing to make major repairs. However, you may be restricted on how many miles you can drive and what modifications you can make to the car, as these may void your lease agreement. Ultimately, the decision to buy or lease a car depends on your lifestyle and budget.

10. Buy vs. lease a vehicle: Repairs

When it comes to repair considerations, buying and leasing a vehicle differ significantly. For those who purchase a vehicle, they must budget for regular maintenance and upkeep and may be responsible for any necessary repairs. On the other hand, those that opt to lease a vehicle will likely be under warranty for the duration of their lease and may only need to pay for minor maintenance and upkeep.

When it comes to buying a vehicle, the cost of repairs can become significantly higher as the car ages. Additionally, when the car is paid off, the cash that previously went towards the monthly payment can be set aside to help cover maintenance costs. In contrast, when leasing a vehicle, the monthly payments are typically lower than purchasing a car, but drivers are never able to fully own the car and will always be paying for it.

Overall, for those who drive a lot and favor functionality over style, it’s probably more advantageous to buy the vehicle. However, those who drive under 10,000 miles a year, are gentle on their vehicles, and don’t mind making a car payment every month, leasing may be the better option.

11. Buy vs. lease a vehicle: Warranty

When considering whether to buy or lease a vehicle with a warranty, there are several important factors to take into account. Buyers of new cars have the advantage of long-term coverage from the manufacturer’s warranty, but may have to pay for expensive out-of-warranty repairs once the term has expired. On the other hand, those who lease may be covered for the entire lease term, since the warranty usually lasts longer than the length of the agreement. Furthermore, some leases include periodic maintenance, helping to keep costs lower.

When deciding between buying or leasing a vehicle with a warranty, buyers need to consider their driving habits and the cost of ownership. If you are an infrequent driver, leasing could be the more cost-effective option as it may require less money down, fewer monthly payments, and keep you up-to-date with the latest technology. However, if you drive often and prefer to keep a car for years after the loan ends, you may find it more beneficial to purchase a vehicle. In that case, you would own the car and have the freedom to use it as you please, while being responsible for repairs and maintenance.

12. Buy vs. lease a vehicle: Customer service

When it comes to customer service, there are several factors to consider when deciding whether to lease or buy a vehicle. Leasing provides lower monthly payments and access to more expensive vehicles, but buyers will have to return the car at the end of the lease term. On the other hand, buying a vehicle involves higher monthly costs, but the buyer owns the vehicle in the end and can keep it as long as they like.

When it comes to customer service, those who lease may have to deal with mileage restrictions, often 12,000 miles per year, and wear-and-tear charges if the car is not returned in good condition. Buyers, on the other hand, can make modifications to the car as they please and may benefit from extended warranties or service contracts, which can be purchased to cover repairs after the manufacturer’s warranty ends. In either case, it is important to compare the customer service of different dealerships and lenders in order to find the best deal and the best customer experience.

Finally, buyers should also consider the car’s resale value when deciding which option to choose. When buying a car, the resale value may be higher than when leasing, as the buyer will own the car and can keep it for as long as they like. On the other hand, those who lease may have to pay a penalty if they choose to buy the car at the end of the lease term.

Overall, both leasing and buying a car have their pros and cons, and it is important to consider all the factors before deciding which option is right for you. Those considering leasing should compare different dealerships and lenders to find the best customer service and lowest monthly payments, while buyers should consider the car’s resale value and any extended warranties they may be able to purchase.

13. Buy a vehicle: Parking lot dents

When it comes to buying versus leasing a vehicle, parking lot dents can make a significant difference. When you buy a car, you don’t have to worry about getting those parking lot dents fixed, even if they are unsightly. However, when you lease a car, you are required to have any damage, including dents, fixed before you return the car. Otherwise, the dealer could charge you for the repairs.

The cost of repairs can also hit car buyers and lessees. When buying, you’ll need to budget for regular maintenance and upkeep, while with a lease you may have to pay for maintenance and repairs, as well as have to replace worn tires, scratched windows or other blemishes when you return the car.

When leasing, you’ll also need to consider the mileage restrictions. Most leases come with a yearly mileage limit, typically ranging from 10,000 to 15,000 miles. If you exceed those limits, you’ll have to pay a penalty fee. Additionally, you’ll need to clean the interior of the car before returning it, and any defects that you’ve ignored may lead to excess wear fees.

Ultimately, when deciding between buying and leasing a car, it’s important to consider the potential cost of repairs and the mileage limits involved before making a decision.

14. Buy vs. lease a vehicle: Options and features

When deciding whether to buy or lease a vehicle, there are a few key factors to consider. Buying a vehicle with a conventional car loan allows you to borrow money from a bank or other lending institution and make monthly payments for some number of years. This allows you to build equity in the car until—by the end of the loan—the car is all yours. On the other hand, leasing a new vehicle can have lower monthly payments and lets you drive a vehicle that may be more expensive than you could afford to buy. However, you will never own the vehicle and you will be locked into a cycle of paying for the vehicle with no end.

When comparing buying and leasing, it’s important to consider the following factors: monthly payment, cost of ownership, vehicle purpose, mileage restrictions, and the predictability of payments. Buying a vehicle typically comes with higher monthly costs, but you have the freedom to modify and drive the vehicle however you like. Leasing a vehicle has lower monthly payments and you have the ability to upgrade to a newer vehicle every few years, but you will never own the vehicle and you will be stuck in a cycle of paying for it with no end.

Ultimately, it’s up to you to decide whether buying or leasing is the right option. Consider your budget, your lifestyle and what you’re hoping to get out of the car before making a decision.

15. Buy vs. lease a vehicle: Fuel economy

Fuel economy is an important factor to consider when deciding whether to buy or lease a vehicle. While leasing a vehicle typically involves a lower monthly payment than buying, the overall costs can be higher if the vehicle’s fuel efficiency is low. This is because, when leasing, the lessee typically pays a fee for each mile they drive over the agreed-upon limit. In addition, a leased vehicle must typically be returned to the dealership at the end of the lease term, meaning the lessee will not benefit from any fuel savings they may have accrued over time.

When buying a vehicle, the purchaser has the ability to keep their vehicle as long as they choose and can benefit from fuel savings over the course of their ownership. In addition, the buyer will have the ability to make modifications or repairs to their vehicle as needed, potentially improving fuel economy and driving down overall costs. Furthermore, the buyer does not have to worry about mileage restrictions and can drive the vehicle as much as they need without incurred additional costs.

Ultimately, fuel economy should be a factor when deciding whether to buy or lease a vehicle. Those who are looking for a short-term solution may want to consider leasing, while those who want to keep their vehicle for the long-term and seek to benefit from fuel savings should opt to purchase.

16. Buy vs. lease a vehicle: Size and weight

When it comes to deciding whether to buy or lease a vehicle, it is important to consider a few different factors. When buying a vehicle, you will typically have a higher monthly payment than if you were leasing, but you will eventually own an asset that you can use or sell. However, with a lease, you can often drive a vehicle that is more expensive than you could afford if you were to purchase it and you don’t have to worry about owning the vehicle. Furthermore, leasing usually allows for lower monthly payments but you will be in a cycle of payments that never end. Ultimately, the decision of buying or leasing comes down to your miles you expect to drive, the amount of money you are willing to spend, the vehicle’s purpose, and how much control you want over your vehicle and finances. It is advisable to use a calculator to determine which option is the best fit for your budget.

17. Buy vs. lease a vehicle: Brand and model

When evaluating whether to buy or lease a vehicle, it is important to consider a number of factors. Buying involves a higher monthly cost, but you own the car at the end of the loan period. Leasing tends to have lower monthly payments, but you are locked into a cycle of payments with no ownership at the end. It is also important to consider current market conditions, such as the inventory shortage and rising car prices in 2022, which may affect the availability and affordability of leasing options. Furthermore, it is important to consider how you plan to use the vehicle, since leasing has mileage restrictions while buying has more flexibility. Weighing all of these factors can help you make the best decision.

18. Buy vs. lease a vehicle: Security and safety

When it comes to shopping for a car, the decision between leasing and buying can be a tough one. Both options have their advantages and disadvantages when it comes to cost and personal preferences, but when it comes to security and safety, there are a few key factors that you should consider before making a decision.

Buying a vehicle with a conventional car loan involves higher monthly payments, but you own an asset—your vehicle—in the end. A lease has lower monthly payments and lets you drive a vehicle that may be more expensive than you could afford to buy, but you get into a cycle in which you never stop paying for the vehicle. With a purchase, you have the freedom to modify or abuse the vehicle without any penalties, but with a lease, you may be subject to penalties if the car is not in the same condition as when you agreed to the lease.

In terms of safety and security, a purchased vehicle generally has a better resale value and offers more flexibility if you want to upgrade your vehicle. On the other hand, a leased vehicle often has higher annual car insurance costs and may require personal property tax. Additionally, a lease may have mileage restrictions and may not have the same coverage you would have when purchasing a vehicle.

Ultimately, when it comes to deciding to buy or lease a vehicle, security and safety should be at the top of your priority list. Consider the cost, your personal preferences, and the peace of mind that comes with ownership when making your decision.

19. Buy vs. lease a vehicle: Price

The price considerations when comparing buying and leasing a vehicle are significant. Buying a vehicle with a conventional car loan involves borrowing money from a financial institution and making monthly payments over a specified period. The higher the interest rate, the higher the payment. As you repay the principal, you build equity until at the end of the loan the car is all yours. On the other hand, leasing a vehicle involves making lower monthly payments and driving a car that could be more expensive than you could afford to buy, but you never stop paying for the car. Additionally, the annual car insurance cost for a leased car is usually higher than for a purchased car, and the driver of a leased car must pay personal property tax on the car. However, leasing may be a more attractive option for those looking for predictability and flexibility who don’t use all of the miles they have paid for.

20. Buy vs. lease a vehicle: Interest rate comparison

The choice between buying and leasing a car can be a difficult one. When you buy, you are locked into a higher monthly cost and you are investing in an asset: you own the car. Leasing offers you lower monthly payments and you can drive a more expensive car than you could afford to buy, but you are in a cycle of perpetual payments.

When buying a car with a loan, you borrow money from a bank, credit union, or other lender and make monthly payments over a certain number of years. Each payment goes towards interest and the principal. The higher the interest rate, the higher the payment. After the loan is paid off, you own the car and can treat it as you please.

Leasing a car, on the other hand, involves smaller monthly payments but you have to return the car at the end of the term. One of the benefits of leasing is that it often comes with a warranty, meaning you don’t have to worry about expensive repairs.

The main difference between buying and leasing a car is the interest rate. When you lease a car, you only have to pay interest on the depreciation that is expected to occur during the lease term. When you buy, you have to pay interest on the entire cost of the car, minus your down payment and trade-in. This means that if you are purchasing a $40,000 SUV with a $5,000 down payment, you will be paying interest on a $35,000 car loan for four to six years.

The Best Cars to Lease and Buy

1. You Don’t Own the Car

The meaning of not owning a car when leasing or buying a car is that you are not the legal owner of the car as the title of the vehicle is held by the leasing company. When you lease a car, you are essentially renting it from the leasing company and are obligated to adhere to the rules of the contract. You do not have any ownership interest in the vehicle and if you do not follow the rules to the letter, the lease can be declared in default and the vehicle repossessed. Additionally, insurance payments go to the leasing company in the event of theft or a total loss.

When you buy a car, you are the legal owner of the vehicle and can do whatever you want with it. You have complete control over how you improve the car and have no limitations on the number of miles you can put on it. You also have the potential for tax deductions if you use the car for business reasons, and you can sell it at any time you wish. However, if you choose to finance the purchase of the car, you must have a good credit score in order to be approved for the loan. Additionally, it is usually cheaper in the long run to buy a car and keep it for as long as possible.

2. It Might Not Save You Money

Leasing or buying a car is a major financial decision, and it can be difficult to determine which option is best for saving money. When it comes to buying a car, it is more expensive in the short term, since you have to pay interest on the entire cost of the car, you may have to pay more sales tax, and you should make a large down payment. You also face the unknown future value of the car, and the warranty will eventually expire. On the other hand, when leasing a car, the monthly payments are usually lower. However, the total spend over the course of the lease might be more than if you had bought the car outright, and there are additional fees, such as sales tax and “drive-off” fees, which may offset any savings. Additionally, if you break a lease it typically costs a hefty fee, and car insurance is usually higher for leased cars. Finally, if you drive more than 12,000 or 15,000 miles per year, leasing should be out of the question. To make an informed decision, it is best to do the math and use online calculators to compare the costs of leasing and buying.

3. Leasing Can Be More Complicated than Buying

When it comes to owning a car, there are two main options: leasing and buying. Buying a car is a straightforward process, where you purchase the car outright and take on the responsibility of ownership. With leasing, you are essentially renting the car and paying for the car’s lost value over the term of the agreement, plus a set of fees. While leasing has its benefits, it is important to consider several disadvantages before locking yourself into a multi-year contract.

When buying a car, you have full ownership and have the ability to customize the car however you like. You also have the option to keep the car after the loan term is up and can potentially get cash if you trade it in. On the other hand, when leasing a car you don’t own the vehicle, there is usually a mileage limit, and you cannot customize the car in any way. Plus, you won’t get any cash when you trade it in and there may be surprising lease-end costs. Additionally, you need to be wary of signing a complex lease contract because it can be hard to get out of.

Leasing can be beneficial for those who want more flexibility and don’t want to commit to a long-term agreement. It also requires a lower initial cost, there is no depreciation to worry about, and some leases even include the cost of maintenance. However, it is important to make sure you understand the lease contract and any associated fees. It is also a good idea to have an accountant or attorney review the contract before signing.

4. Leased Cars Are Restricted to a Limited Number of Miles

The mileage restrictions for leased cars are typically around 10,000 to 15,000 miles per year. Going over this limit can result in a penalty fee of around 30 cents per mile. Similar to leasing an apartment, the car must be returned in good condition, or the lessee may be faced with excessive wear-and-tear charges. Customizations are also prohibited and may be required to be removed before the lease is up. It’s important to consider the amount of miles you drive and factor it into whether you should buy or lease a car.

5. You May Be Able to Transfer Your Lease to a New Driver

Transferring your lease to a new driver can be a great way to get out of a car you don’t want to keep. Before signing the lease, make sure that your contract allows you to transfer the agreement to a new driver for the remainder of its term. In some cases, your financing company may charge you a lease transfer fee that could amount to a few hundred dollars, so be aware of that possibility. Here is a step-by-step guide on how to transfer your lease to a new driver:

1. Find a suitable replacement driver. Look for someone who is reliable and has good credit.

2. Check with the leasing company to make sure that they approve the new driver. You may need to provide them with the new driver’s personal information, credit score, and other documents.

3. Have the new driver sign a new lease agreement with the leasing company. This agreement will include the terms of the lease transfer and any associated fees.

4. Make sure that all payments are made on time. Both you and the new driver should be aware of when payments are due and must make all payments on time.

5. Complete the transfer process. Once all payments have been made and the new driver has signed a new lease agreement, the transfer process is complete.

6. Common Car Loan Mistakes That Cost You Money

Common car loan mistakes that cost you money include taking out a loan with a term that is too long, not making a significant down payment, and not taking the time to shop around for the best interest rate. Other mistakes that can cost you money include not researching the car’s value, not checking your credit score before applying for a loan, and not budgeting for the additional expenses associated with owning a car, such as registration and insurance. Leasing can also be a costly mistake, as you incur ongoing payments without owning the car, and you may be hit with an excess mileage penalty if you exceed the contract’s specified mileage limit.

7. Managing Through COVID-19

COVID-19 is a contagious virus that has caused a global pandemic. It is important for managing cars because it has forced car owners to take extra precautions and safety measures to protect themselves and others from potential infection. For example, car owners should ensure they always wear a face mask while driving, keep their cars sanitized, and practice social distancing when possible. Additionally, it is important to monitor the health of anyone you may have been in contact with and to be aware of any new cases in your area. Taking the necessary precautions to protect yourself, your family, and your car from potential infection is essential to protecting the health and safety of everyone on the road.

8. Best Minivans For 2022

Deciding on a family vehicle can be a difficult task, given the variety of options available. Two popular choices are minivans and SUVs, and each have their own unique benefits and drawbacks. In order to help you make the best decision for your family, we will compare and evaluate the best minivans and SUVs to lease and buy in 2022.

When it comes to minivans, the top contenders are the Honda Odyssey and the Toyota Sienna. Both offer a comfortable and spacious interior, making it easy to fit both family members and cargo. Additionally, both models are known for their reliability, making them a great choice for long-term ownership. The Honda Odyssey has a more powerful engine, while the Toyota Sienna offers better fuel economy.

When it comes to SUVs, the top contenders are the Honda Pilot, the Toyota Highlander, and the Ford Explorer. Each of these vehicles offer plenty of cargo space and seating for up to seven, making them ideal for families. They also come with a variety of safety and convenience features, such as a rearview camera, parking assist, and adaptive cruise control. The Ford Explorer offers the most powerful engine, while the Honda Pilot and Toyota Highlander both offer excellent fuel economy.

In terms of lease and buy options, both minivans and SUVs can be good options, depending on your budget and needs. For those looking to save money, leasing a vehicle can be a great way to do so. The Honda Odyssey and Toyota Sienna are both popular choices, both offering low monthly costs. For those looking to own a vehicle for the long-term, buying a vehicle can be a better option. The Honda Pilot, Toyota Highlander, and Ford Explorer are all great choices, with competitive prices and financing options available.

Ultimately, when it comes to choosing a family vehicle, there is no one-size-fits-all answer. Both minivans and SUVs offer their own unique benefits and drawbacks, and it is important to consider your budget, needs, and preferences in order to make the best decision for you and your family.

9. Best SUV Lease Deals For March 2022

If you’re in the market for an SUV lease and want to get the best deal this March, you’ll want to do your research and compare the available options. Some of the top SUV lease deals in March 2022 include the Acura MDX, Alfa Romeo Stelvio, Audi Q5, BMW X3, Buick Enclave, Cadillac XT5, Chevrolet Traverse, Chrysler Pacifica, Dodge Durango, Ford Explorer, Genesis GV80, GMC Acadia, Honda Pilot, Hyundai Santa Fe, Infiniti QX60, Jaguar I-Pace, Jeep Grand Cherokee, Kia Telluride, Land Rover Range Rover, Lexus NX, Lincoln Corsair, Lucid Air, Maserati Levante, Mazda CX-9, Mercedes-Benz GLE, MINI Countryman, Mitsubishi Outlander, Nissan Pathfinder, Porsche Cayenne, Ram 1500, Rivian R1S, Subaru Forester, Toyota Highlander, Volkswagen Atlas and Volvo XC60.

We’ve broken down some of the key features of these vehicles to help you decide which one is right for you. Consider the size, performance, safety, and technology features. Evaluate fuel economy, interior space, and available features. Look at the pricing, warranties, and other factors to help you make an informed decision. With so many great SUVs available for lease, you’re sure to find the perfect option for your needs!

10. Leasing Myth #2: “You Don’t Have to Worry About Resale Value”

The “resale value myth” is the belief that a car’s resale value can be accurately predicted several years down the road. This can be a problem for car owners who choose to lease a vehicle, as the amount the vehicle will be worth at lease-end is declared in the lease contract before the lease ever begins. With market forces, reliability data, and a car’s mileage and condition all potentially leading to large swings in its expected value, car owners may not be able to budget appropriately for their next car. Leasing helps protect against unanticipated depreciation – if the market value of the car unexpectedly drops, the decision to lease will prove to be a wise one. In addition, car owners won’t have to worry about selling or trading-in their used car, or haggling over its value when it comes time to do so, as the car’s residual value is set at the start of the lease.

11. Leasing Myth #1: “You Don’t Have To Worry About Maintenance”

Leasing a car can be a great option for people who want a new car without the worry of large upfront payments and costly maintenance. Leasing customers typically benefit from lower down payments, warranties and free routine maintenance, meaning they can drive a new car for less than it would cost to finance a used one. Regular maintenance may be included in the warranty, eliminating the headache for the customer, and after a few years, they may be given the option to buy, upgrade, or try something new.

The majority of leases are for new cars, which usually come with a factory warranty for the entire lease. This warranty covers significant repairs, so the customer won’t have to worry about them. Additionally, some leases include periodic maintenance, which can offer a stable and predictable cost of ownership.

Leasing also involves lower monthly costs than buying, and a customer may be able to afford a more luxurious car than if they were to buy it. And when the lease is up, they can get their next new car and enjoy the latest advances in car technology.

Finally, there’s no need to worry about reselling the car after the lease is up, and there may be potential tax deductions if the car is used for business. All in all, leasing a car is a great way to enjoy a new ride without having to worry about maintenance.

12. Leasing Myth #3: “Your Payments Will Be Lower”

When it comes to financing a car purchase, many people face the decision of whether to buy or lease. When comparing leasing and buying, the most significant difference is in the monthly payments. Lease payments are generally lower than auto loan payments, as they are based on a car’s depreciation during the period you’re driving it rather than its purchase price. This may be an attractive option for drivers on a budget, as it could result in a lower monthly payment. However, it’s important to note that when you lease a car, you don’t end up owning it, so you’d have to lease again if you want to continue driving the same car.

When it comes to buying a car, the monthly payments will be higher than with a lease, but you will eventually own the car outright when the loan is paid off. Additionally, the best lease deals are usually only available to those with excellent credit, and you may be paying a lower rate for a car that is slow to sell. Buying a car also usually involves a larger down payment than leasing, although some leases do not require any money down at signing. With buying, you also don’t have to worry about losing the money you put down if something happens to the car.