Auto Leasing Tips From CNBC
New York April 16, 2019; CNBC reported that if you’re among the 4.3 million consumers whose car lease ends in 2019, don’t be surprised if going that route holds less appeal this time.
With record-high auto prices, higher interest rates and generally weakening residual values on cars, consumers can expect to pay $1,600 more on average for a lease than they did in 2016, according to data from car researcher Edmunds, which analyzed the top 10 most leased cars (excluding trucks). On a typical three-year loan, that works out to an average of $44 more monthly.
“If people are looking at those higher payments, we’d expect there to be more used cars sold,” said Matt Jones, senior consumer advice editor for Edmunds.
As the price of new autos continues to climb — it averaged about $36,500 in March — a growing number of consumers are balking at buying. Close to half (48%) now think owning or leasing a car is becoming too expensive, compared with 42% in 2015, according to separate research released this week from Cox Automotive.