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I drive 10,000 miles a year. Is it better to buy or lease?

Answers from the Automotive Experts

Erica Sietsma, Dealership Corporate Training Specialist at MileOne Automotive Look at the numbers from the dealership. They can give you a comparison of buying versus leasing and if you think you will want a new car in 3 years, I would definitely lease if it offers a savings. Erica Sietsma

Debbie Lee, President at Professional Car Care Karen, I drive about 3,000 miles per month so I always buy.  I have never leased but I do know that dealerships offer different packages based on miles driven per year. With that low of milage you should get a good rate. If you like to change your vehicle every year or two it may make sence to lease.  I would go on line or make appointment to see the leasing manager at your local dealership and lay out your wish list for your payment and vehicle and see just what they can offer you.  Then you should be able to decide what is best for you. Debbie Lee

Gayle Clark, Owner at Motor City Sales & Services Hi Karen, I actually recommend leasing. [I lease myself] I like the fact that I can have a new car every few years, the warranty coverage is good, and I know the vehicle is in excellent driving condition. It's a dependable work vehicle and looks good and feels good to know I have a vehicle in good shape. No worries - less stress.

Joy Sherman, Owner  at Ms. Motorcars Leasing would be ok with these miles. Joy Sherman

Jamey Wozniak, Owner and CEO at Joe's Hitch, Trailer & Truck Accessories Hi KAren - if you drive between 10,00 and 15,000 miles a lease can be advantageous.  Never get a lease under 10,000 miles or if you may driver more than 15,000 as the overage fees can be very high.

Kathy Gilbert, Director Sales and Business Development at  Automotive ADP Making the decision to buy or lease is a hard one, which requires a good understanding of what you really want.  When you decide to buy, as I have done, you should consider if you ultimately want to OWN your vehicle after the payments are done.  Yes, you will pay a higher monthly payment and incure the costs of repairing the vehicle over time.  But, regardless of how many miles you drive, in the end ... the car will be yours.  However, if ownership is not a big concern and you would like to have a newer vehicle every couple of years, then leasing may be a better option.  Your monthly payments will be lower and you will incur fewer, if any, repair costs (depending on your warranty).  And, with leasing the number of miles you drive would play a factor in what the final charges would be when the lease expires.

Susan Givens, Publisher at Auto Success Magazine - System Publishing , Inc. Hi Karen, I am a big fan of leasing. Especially since you are only driving 10,000 miles per year. You do not have to worry about going over the miles given in the lease agreement, your payments will be lower and you can trade in your old car and get a new one in just a few years. With the way cars depreciate, leasing is the way to go! Warm Reagrds, Susan

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