Auto Should I Buy or Lease a Car? By Millie Staff Art by Heather Jones
PUBLISHED 01/03/2024 | 2 MINUTES

The average price of a new car in the United States is approximately $48,000 according to Kelley Blue Book, a vehicle valuation and automotive research company. A car lease, on the other hand, is essentially a rental agreement between you and the leasing company. For the same $37,000 car, the leasing company will advertise a monthly payment, as well as the down payment required. 

So which option do you choose? Here’s what you need to know.

To conclude: Leasing a car is cheaper in the short term, but purchasing a vehicle is usually less expensive in the long run. Of course, you should still weigh the pros and cons of each to determine which option is right for you.


Sign up for our free, weekly newsletter


great financial
advice delivered
right to your