NerdWallet's Smart Money Podcast - Car Leasing vs. Buying: Hidden Fees, Dealer Agendas, and When to Buy Your Leased Car

Episode Date: March 30, 2026

When your lease ends, should you lease again, buy the car, or return it and walk away? What is a car lease, and how do its true costs compare to financing? Sean Pyles, CFP®, Elizabeth Ayoola, and lead writer Shannon Bradley break down how car leases work — including money factors, residual values, mileage limits, and the acquisition fees dealers rarely tell you about. They also explore why leasing-then-buying a car typically costs more than financing from the start, when it makes sense to lease an EV, what to watch out for in dealer offers, and how tariffs may be affecting your end-of-lease options right now. For more information on the topics discussed in this episode: Should I Lease or Buy a Car? https://www.nerdwallet.com/article/loans/auto-loans/7-lease-vs-buy-questions-right   Should I Buy My Leased Car? 5 Times to Say Yes https://www.nerdwallet.com/auto-loans/learn/5-times-buy-leased-car  How to Lease a Car: Everything You Need to Know https://www.nerdwallet.com/article/loans/auto-loans/7-steps-getting-great-auto-lease-deal  Want us to review your budget? Fill out this form — completely anonymously if you want — and we might feature your budget in a future segment! https://docs.google.com/forms/d/e/1FAIpQLScK53yAufsc4v5UpghhVfxtk2MoyooHzlSIRBnRxUPl3hKBig/viewform?usp=header To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [e-mail]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Every couple of months, I get an itch to buy a new car. And Sean, seeing as I'm about to pay off my car note that I've had for, I don't know, maybe four years now, I want a new car. Elizabeth, I'm going to say paying off your car is the best reason to not get a new car because you'll have no car payment. And how nice is that? Honestly, I've been daydreaming about it. So we'll see where I land. Well, this episode, we're going to talk about what happens if you have a never-ending car payment through leasing. Welcome to NerdWallet's Smart Money Podcast, where you send us your money questions and

we answer them with the help of our genius nerds. I'm Sean Piles. And I'm Elizabeth Ayola. Now, Sean, I want you, I need some motivation from you. I need you to tell me or give me some reasons why I should not buy a new car at the beginning of next year. I have so many reasons for you, Elizabeth. First of all, how much is your car payment? I'm paying extra payments. So with the extra payments, it's about $450. Without the extra payment, about $350. Okay, that's a lot of money each month that you could put towards so many things. I'm sure that there's something in your house that your son has broken. I'm sure there is something on your favorite night, Zara.com, that you want to buy. I'm sure there's a nice trip that you have in mind that you'd like to go zip lining on.

There's so many things that you could do with $450 each month and think about how this is going to add up month after month. In a little while, you'll have thousands of dollars by not having a car payment. Now, I think that you're selling me on the thousands of dollars for fun money, not for saving. Of course I like saving, but the fun money. I don't know if I told you, but my itch really is coming from. I have been driving the car for a while. This was my first big girl car. And when I say that, I mean, I would drive in a hoop-dee of the hoop-dies before this one.

And when I drove on the highway, the car used to shake. Like, if I drove you. Oh, yeah. I've had a car like that before. It feels very scary. Yeah. So then I got a letter in the mail about a recall and some kind of defect with the car. And I was like, well, maybe it's time to get a new one.

And I got my first finance car, which is this one. And Iyo has grown up in this car, my kid, and he has, there's gum, there's melted crayons. He took a rock and scratched the back of my trunk the other day. So my poor baby is really, really beat up. So I don't know. Your poor baby being your car, not your son. Exactly. Well, hey, here's an idea.

I don't know if they have this for kids, but I have a little hammock in my car for my dog so that she doesn't shed all over the inside. Maybe there's something like some plastic wrap you can do for wherever he's sitting, so he's not going to be able to tear up the inside so much. That's a good point. When he gets back from school, he is tasked with picking up all the popcorn, Dorita packets, folded paper from the back of my car. Sean, what was your first car? And do you have an issue to buy a new car?

My very first car was a 1993 Honda Civic hatchback that we called Speed Racer, and she was a piece of junk. The front fender was gray. The rest of the car was hot red. The windows were manual, and they were off their track, so when you would crank them up, they would turn into the car. So you had to pull them up as you were cranking them up. The muffler was rusted out and would drag on the road behind us. It didn't have a CD player, so we just used the radio.

We had a little radio plug-in for my iPod that I thought was the peak of technology at the time. And, yeah, frankly, it was a piece of crap. There was one time where I was driving, and I was in this line of traffic, and I was, like, putting my car in park and then drive a lot. And the shifting knob just came apart into several different pieces. And so it was just a spike that I had to push into. It was just the worst car. It got me all over the country for a little while there. I had it in high school and then into college when I was in Vermont.

But I was really glad to say buy to it. And I think because I had such a crappy car, that's why I went on the other end and got myself a much nicer ride. And I finally bought one six years ago almost. And I paid off my car last year or the year before. I forget which, and I have no desire to buy a new car because I love not having a car. So you're driving it into the ground? Absolutely. I mean, I'm only at 70-something thousand miles in this car and I want to take it to at least 200.

Okay, let's dive into the listener question for today. And it comes from Patty. Hello, nerds. I have a question about car leasing. I had never considered a lease. I like to live without a monthly car payment if possible. I've needed to take out auto loans, but I paid them off and then enjoyed many years of driving with a paid off car.

I was in the market for a replacement car during the pandemic, and I was interested in going all-electric. So I bought a new all-electric car from the dealer. The sales rep kept trying to explain to me that the lease option made more sense than the purchase option because when the lease term ended, I could apply all my lease payments towards the purchase of the car if I wanted to buy it.

Is he correct? What are his motivations in pushing the lease over the purchase? I know this is a hard question to tackle because there are so many different lease programs. This one was through Volvo Financial Services. Spoiler. I did try the lease because the monthly payment was so much lower than the purchase for the same car. It was at a time in my life when that was helpful, paying for kids' college in brackets.

My second lease term is almost up and I now have three options to either lease again, buy the car, or return the car, and lose what I've paid in. I will not be picking option three. Thanks, Patty. To help us answer Patty's question, we're joined this episode by Auto's nerd Shannon Bradley. Welcome back to Smart Money, Shannon. Thank you. It's always good to be back. Let's just lay out some terms really quickly here. You can talk us through what a car lease is and how it works.

You can think of a car lease kind of like a long-term car rental. The lease enables you to drive the car for a certain period of time and number of miles, typically about two to four years and 10 to 15,000 miles a year. A car lease payment is usually lower than what you would find with a car loan, but that difference is because you're expected to return the car. So really, you're paying to drive the car, you're paying for depreciation, which is the loss in value of the car during the time that you have it. And, you know, with all of that said, you know, you can opt to keep a leased vehicle, which is something I think, you know, Patty indicated. you would have to buy it for a predetermined price, which is called the residual value. And that residual value is set by the leasing company

at the beginning of the lease. And it's just kind of an estimate of how much they think the car will be worth at the end of the lease. If you decide to buy it, you would have to pay either cash for the residual value if you had that or you could finance the residual value

with what's called a lease buy out loan. What is the actual value varies greatly from the determined residual value when you go to set up your lease contract. Is there any room for negotiation? Usually there's not a lot. You know, back during the pandemic, there was a situation where cars actually at the end of the lease, which was very unusual. They were worth more than the residual value, which meant, you know, there was equity in there

that people who at least the car could take advantage of. Back during that time, obviously, there was like no negotiation. at all. People just wanted to buy the car. And some of them were reselling them to actually make a profit on it. It's nice to have an upper handover at car dealership, if at all possible. Yeah. So we're kind of back to a period of time where the residual value is closer to the actual value of the car. And there's really not a reason, you know, for a dealer to negotiate because basically they'd like to get that car back and resell it. Shannon, some things stood out to me that you said initially. and it's like leasing a car is like a long rental.

And that sounds like a nightmare. I have gone back and forth between leasing and financing, but I hate renting cars. But with that said, what are the primary differences between buying and leasing a car? And when I say buying, I mean financing. Well, the biggest difference with leasing is ownership. You know, when you buy a car or, you know, finance it,

whether you pay cash or take out a loan, you're building equity. and, you know, eventually, hopefully you have a paid off car and no monthly payments, which, you know, several of us have mentioned already today. We like no monthly payments. You know, so when you're leasing, your monthly payments are lower, but you aren't building equity. You know, once that lease ends, you know, unless you choose to buy the car, you don't own anything. So, you know, that's really, I think, the biggest difference between buying and leasing. And then, you know, one other difference, And this is just a minor detail.

But if you're new to leasing and you hear the term money factor when leasing, that's basically the interest rate expressed as a decimal rather than an annual percentage rate. You can take that money factor, multiply it by $2,400 to convert it to, you know, an approximate APR. That makes me think about other fees that people might encounter when they're buying or leasing. What differences might there be between those fees when people are buying and leasing? Leasing can have more fees. You already mentioned the mileage limits. If you take out a lease, you really want to know how many miles a year that you typically drive before you sign a lease agreement. You could have an excessive mileage fee, and that usually runs about 12 to 30 cents per mile, which may not sound like a lot.

But at 30 cents a mile, for every 1,000 miles you go over, that. would be about $300. And then you have excessive wear and tear fees. So if you, you know, opt to turn the car back in, you could have a fee if it has damage beyond, you know, traditional spills or scuffs inside the car. Yeah, like if your son has melted some quam or a gran or crushed rock into the back, yeah. I was thinking that earlier when Elizabeth said that.

When my kids were young, the first time that I purchased. a new car, actually I leased it, the first time I leased a car. My son, the very first day, spilled a milkshake right on the floorboards. So yes, yes. I was thinking that when you said that. But there are other fees that you would find, you could find with a lease that you wouldn't typically have with an auto loan. You know, leases tend to, if you decide you need to end the lease early for some reason, you could have a penalty fee there. And most auto lenders, don't have prepayment penalties anymore. So, you know, you don't typically have those with an auto loan if you decide to pay it off

early. And then another fee that you may have is what's called a disposition fee. If you decide to turn the car back in, then, you know, the dealer may charge you a fee for, you know, prepping the car and getting it ready to resell it again. This might be premature, but Shannon, as you're talking and Sean, as you're talking, I'm not buying another car. No, I'm not. I'm going to wait until my kid.

You're not leasing, that's for sure, too. No, I'm going to wait until IL is 16. I'm not even going to do that to myself and destroy my brand new beautiful baby. So we're going to drive this until this teenager. Good call, Elizabeth. Speaking of buying a new car, my sister's currently in the market for a new car, and she is complaining about how expensive the cars are at the moment. That's another reason I'm not buying a new car.

So buying a new car has become expensive over the past few years. You all know that tariffs and also the impact of COVID-19 on supply. chains are two factors contributing to those higher prices. Shannon, can you expand on why these cars have become so expensive? Yes, I can. And I'll tell you right now, the average, average new car price is still right around $50,000. So that gives perspective for a car, for a depreciating asset. Yeah, that gives some perspective on how high car prices are. And a lot of that does come from during and after COVID-19. You know, we had supply chain disruptions and inventory shortages.

And then in 2024, you know, prices seemed to be coming down a little bit. But then last year, we threw tariffs back into the mix. And so what you had, or some, or you still have, some car manufacturers that are passing those higher tariff costs that they're experiencing through to consumers. So, you know, I think that has also contributed to keeping car prices high. We can't overlook the fact that, you know, the higher car prices aren't all a result of outside factors. You know, you just, you look at new cars today. They have a lot more advanced technology and safety features, which just, you know, keep that price higher.

Well, have you seen the cost of leasing go up too, Shannon? Yes, it has. And it's really for the same reasons that car prices are, you know, costs more to take out when you take out a load. Those same supply chain issues and inventory shortages that caused the higher vehicle prices overall, you know, contributed to an increase in leasing cost because that lease payment is based on the car's residual value. So, you know, that just translates into a higher lease payment. And just like, you know, taking out an auto loan, the cost of leasing hasn't returned to pre-COVID prices because it's still, you know, based on the value of the vehicle.

you know, higher interest rates. You can find some lease specials today. I double-checked yesterday and, you know, you can find some lease payments around $250 to $3 monthly. But, you know, those usually require a down payment of about $3,000 or more. And, you know, those are really, you know, we're usually reserved more for people with excellent credit. The down payment on a lease has always been something that I can't swallow. It just seems like you're really throwing money away. I'm paying a cap of money, a surcharge essentially to be able to rent this car for a couple of years. And then I don't see any of that money back.

And I know that it's going toward making the monthly payment more affordable or I assume that that's the case. But I just really have a hard time with that. Auto experts actually recommend not putting a down payment on a lease car because something, like you said, if something happened that you wreck the vehicle, Or as you said, you know, you turn it back in, that money's really just gone. You're not getting much for it, right. When you're buying a car, your down payment is going into building that equity you mentioned before. And again, hopefully having a lower monthly payment.

And you're just not really getting the same trade off with a lease. But that said, there is still a use case for leasing. And sometimes it can be a better option for people. So can you lay that out for us? Yes, I can. There are benefits. And a lot of it really just depends on, you know, your financial situation. We mentioned lower monthly payments.

Maybe you just really need a lower monthly payment. You know, to illustrate the difference in payments, I have, you know, some real numbers from Experian, the credit reporting agency. They put out a quarterly state of the automotive finance market report. And late last year, their average lease payment for a new car was around $596 and compared to average new car loan payment at $748. So, you know. It's still so much money for both of those. Yeah. Yeah, it's still a lot for both.

But of course, that's an average. You know, that's what you have to keep in mind. You know, you look at a lot of people are still leasing or buying, actually the majority of people are still leasing and buying large vehicles, you know, the vehicles with advanced technology. So that really pushes that average payment price up. But, you know, you can find. like I said, lease specials with monthly payments for less than $300, but again, that's typically for people with excellent credit. The lease specials, I will say this, right now it seems like more automakers are motivated to offer some great lease specials because during COVID, the interest in leasing for consumers really dropped off. And at that time, car manufacturers, you know, they pulled back on lease incentives so that, you know, the interest, like I said, just really tanked.

Auto manufacturers, they're trying to rebuild that leasing business. So to do that, they're making some attractive lease specials. And you can usually find those, you know, on the auto manufacturers website. Leasing can also be a lifestyle choice, too. I'm thinking here about one of my sisters who's gone through three cars in about the past five, six years or so. So going through two cars or going through a car about every two years, she was buying these cars is a really expensive financial decision. And so she most recently has actually made the decision to lease because she just knows,

hey, I'm someone who likes a new car every couple of years. She's getting more into electric vehicles, which have technology that's increasing and improving really rapidly. And so if you are that type of person who wants a new car on a regular basis, especially an electric vehicle, leasing can just be a better option for you there. Yeah, I have a friend in the same situation. I met her maybe three years ago, and I've maybe seen her with three different cars. Wow.

So she, yeah, she likes driving new cars and leasing works for her on her budget, and she doesn't want to buy, so I agree with you, Sean. Yeah, a lot of people do that. And it's, you know, too, they like the newest technology, so they, you know, they don't mind the fact that they're not building equity. They want to, you know, they want to be able to try the newest model every few years. you know, that latest technology. And then there are a group of people that, you know,

maybe they just, you know, want to try a particular type of car before they actually commit to it long term with a loan. You know, maybe they go into it knowing that, you know, they're going to lease and drive for a few years. And that if they like that car, they know that they can go ahead and take out a loan later and purchase it. Yeah, I'm glad that works for them. I am not that type of car owner.

My 2016 car still has physical buttons. and a CD player, not a screen in snite on my car, and I love it. That is fun. All right, let's get into Patty's question. She had a couple questions for us. So Patty wants to know if the lease payments applied go towards the purchase, since that's what the salesperson told her. Was the salesperson telling the truth, Shannon?

No. Sorry, Patty. Sorry. Ooh. I just state that very clear. know. You know, I assume what he may have been trying to imply that if she decided to buy the car, her payments would have already covered the car's depreciation. But you could say the same for an auto loan. You know, I think the way he worded that is misleading. Maybe it sound like it was rent

to own for a week. Yeah. Yeah. Exactly. It's like you don't just transfer credit for your lease payments over to a new car loan. The lease and the loan are two different things. And that's kind of the way he worded it. That's what it kind of sounds like. For example, you know, how that would work when I say it's two different things. Let's say you take out, you know, a 36-month lease for a $50,000 car loan. I'm using just rounded numbers here. This is very simplified. So, you know, you would have an estimated residual value of around $30,000. So, you know, you're paying roughly $20,000 into depreciation over that three years. So let's say using, you know, building on that example, your lease payment is $700 a month. And you had, so you would have about $550 of that going

toward the $20,000 in depreciation. The rest would cover like interest in sales tax. So at the end of the lease, you decide to buy the car and you get a lease by out loan to cover that $30,000 residual value. That's a separate transaction. And it's like kind of like buying a used car from yourself. But that $700 payment you paid on the lease in no way reduces the $30,000, you now have to pay to buy the car. Sounds pretty expensive. Since we're doing some math here, Shannon, mathematically, is there a difference between the total cost of leasing than buying versus just finance in the car from day one? Yes, there can be.

And usually there is. you know, when you finance from the start, you know, think about that. You're paying the full purchase price over time, including any fees or interest, and, you know, on a declining balance. So that's it. You know, that's pretty cut and dried. You know, if you lease and then buy, if you think of, you know, you're paying financing charges during the lease, then you're paying financing charges again during the car loan. And then you, you know, you probably are going to have lease specific fees that wouldn't apply if you just purchased up front. So, you know, usually it does cost more to lease and then buy, especially if you're doing it perpetually.

Yes. Compared to just financing from day one. Okay, we're going to take a quick break. And after that, we'll be back with more about leasing versus buying. Okay, we are back. So let's continue this conversation, Shannon. Patty is essentially thinking about buying a used car because that's what they would be getting if they buy the car they have been leased. at the end of the term.

And aren't used car interest rates typically higher than that of new cars? You know, to me that sounds like another way that buying after leasing may turn out to be more expensive than buying the car outright or buying a new car. Now, new cars may also sometimes come with incentives like zero APR or maybe even cash back, although you're probably a lot less likely to get that with a lease, correct? Yes. But one thing that I want to say, you know, use car rates are higher than new car rates. But most lenders don't actually use their use car rate for a person who's buying a lease car.

Most of them have a specific lease buyout loan. We do review a number of lenders here at NerdWallet that offer lease buyout loans. So, you know, I checked yesterday and the lowest rate right now for excellent credit for our lease buyout loan is around 4.5%. And that is slightly below what a, you know, a typical use car. rate would be. You know, if you're comparing the difference between use car rates and least buyout loan rates, you know, the least buyout loan, yeah, it's, you know, going to be more than a new car rate, but less than most used car interest rights. And yes, you probably would be skipping some new car incentives, but, you know, you have to think about the fact that you're financing a significantly

least smaller amount, so that's still often the cheaper approach. You know, you just, you want to look at the total costs for both options, not just the monthly payment before deciding. Okay. I'm also wondering here what the dealer might be getting out of this because we know that dealers have their own agendas. So could there be any sort of hidden motivations about pushing the lease over a purchase from the dealer's perspective? What are your thoughts there, Shannon? Yes, there can be several. Dealers do like to lease cars because that brings the customer back into the dealership every few years for repeat business. You know, it's not like you, Sean, that have your car and you don't see the dealer again. They want me back in the dealer.

They keep emailing me, sending me letters. They call me too. They call me. They call me too. I said, no, I don't want no more payments. No, no, no, no, no. It's flattering because they use this flattering language. Like, you are extremely well qualified for another car.

It is. Sure I am, but you will not be getting. my money. But the other thing is the returned lease cars gives the dealer's supply of used cars to sell. So they profit off of the car twice. So yes, you know, the automakers, they do a lot of times incentivize dealers to push leasing, you know, for those very reasons. Patty has three choices, as we mentioned earlier. Leasing again, buying the car, or returning the car, and then losing what they've paid in. Can you talk through those three options for us? Let's look. Let's look. at Patty's simply turning in the car and walking away first. You know, as we've said,

she would lose what she's paid in. She would have no equity to put toward purchasing another car. She could lease again, and that would keep her payments lower and get her into a new vehicle, but that would also continue the cycle of never building equity and always having a car payment. And, you know, that's the reason why continuous leasing can be the most expensive option of the for the long term. But then again, her third option, she could buy. And if she decides to do that, you know, she should compare the buyout price with the car's current market value. The buyout price is lower than the market value or close. That could be, you know, a strong argument for buying the car. You know, if she's anticipating any extra fees or penalties at the end of the lease,

buying the car for that original buyout price could also be a way to help cut those losses because then she wouldn't owe those to the dealership. So it really seems like the buyout is the most cost-effective option. Yes, it would be. You know, if she likes the car, it's dependable, the buy-out price is reasonable. You know, I would say buying the car would be the most cost-effective. And, you know, eventually it would allow her to enjoy years without. a car payment, which she mentions she values. And I want to go back to, you know, what she originally

said about wanting to go all electric, because I don't want to make it sound like she shouldn't have leased in the beginning. That was actually really a smart move on her part. If she was new to looking for and driving an EV, you know, with the high price tag of EVs, that gave her a chance to see if she liked driving an EV before making a long-term commitment. Where does the cost, Shannon, of auto insurance come in here? I think whether you're leasing or buying, one should factor insurance into their car budget. Also, so is auto insurance usually more expensive when you're leasing versus buying a car? Yes, you know, whether you lease or you get an auto loan,

you're always going to be required to carry car insurance to cover that asset or the car for the leasing company or lender. But leasing companies tend to have stricter requirements to protect themselves. They may require lower deductibles. They may require higher liability coverage than a lender or even that your state requires. So your insurance costs can be higher. One thing I do want to say, too, though, the total cost of, if we're looking at the total cost of leasing a car, there is one area where you could reduce expenses, and that's in maintenance because often routine maintenance like oil changes is included in a lease agreement. So if someone still isn't sure if leasing or buying is right for them, what main factor should they be weighing on either side?

Well, first, consider your driving habits. You know, do you drive long distances that would put you over that mileage limit? As we've mentioned here several times, do you have kids or dogs that might destroy the interior of your car? You know, if that's the case, leasing may not be for you. And then think about your financial needs and priorities. You know, are you able and willing to make a higher monthly car payment in return for eventual ownership and a breaking car payments? Or are you most focused on your financial situation right now, which could mean leasing is the only way to get a car that you need to get to work at a payment that you can afford? And then the final thing would be your vehicle goals.

We've kind of touched upon that. Some people just like driving a new car every few years. want to try out a certain type of car before buying it. You know, leasing can be an easy way to do that. In fact, as I said, you know, we recommend consumers, you know, that are new to EVs. It's a good idea to lease them before buying them since it can be a total lifestyle change. We have had a long, lengthy discussion about buying versus leasing. Shannon, if you were Patty, what would you choose? What option would you choose? If I really liked the car, I'd get a lease buyout loan and I'd keep it. you know, because I would already know how it drives,

if I liked how it drives, whether it's been maintained well. And, you know, really, as I keep saying, I like not having a car payment. Yeah, I'm in the same boat as you, Shannon. I want to get rid of my car payment as quickly as possible. So I probably should have. Have either of you ever leased Sean or Elizabeth? I have not, but I did consider it.

But every time I go back to the points of, like you said, it's like eternally renting a car. I'm like, I don't know if this makes much financial sense for me if I can justify paying whatever the payment is, $500 to $800 a month for years on a car that I'm not going to own in the end. And even if I was a little on the fence based on this conversation, I will not be leasing a car.

I also will not be buying a new car and I will be using that extra money to do all the things that Sean listed in the beginning. Like buff out the scratches that your son put into your car. Listen, I'm not going to lie. I'm one of those people who just jerks my car around. I don't know half of what the lights on the car mean. So it took me a long time to even notice the scratch was on the car.

So clearly it doesn't bother me that much. So I probably won't be buffing the car. Well, Shannon, thank you so much for coming on and talking about all this with us. Well, thank you for having me. It's always fun meeting with you, too. Okay. And that's all we have for this episode. Shannon, will you please read us out?

Remember, listener, that we're here to answer your money questions. So turn to the nerds and call or text us your questions at 901-730. 6373. That's 901-730 NERD. You can also email us at podcast at nerdwollet.com. I'm going to tell you this very quickly because somebody in Sean's house wants a walk. We want you to join us next time to hear about using AI versus a real person for financial advice. Follow smart money on your favorite podcast app. That includes Spotify, Apple Podcast, and IHeartRadio to automatically download new episodes. And for those who are only listening and not watching, my dog, Pepper made an appearance and started licking my face because it's walk time here. All right.

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