Is It Better To Lease Or Buy A Car In Summer 2022?

Illustrations by Michele Marconi

Those in the market for a new car, truck or SUV are finding that the “new normal” is getting old.

Dealer inventories remain woefully depleted due to manufacturing and supply chain issues, consumer demand continues to be high and skyrocketing prices are hitting buyers hard. According to industry sources, the average new-vehicle price is now around $46,500, which is 13% higher than it was a year ago and is well above most models’ MSRPs (manufacturers’ suggested retail prices).

The used-vehicle end of the lot affords little solace for cash-strapped consumers, with the average pre-owned model listing for $27,246, and that’s with nearly 70,000 miles on the odometer.

For many consumers, however, leasing remains a more affordable option (at least in the short term) when compared with buying and financing a new vehicle outright. It can also favor those who either like to see a shiny new car in their driveway every few years or want to ensure they’re driving a model that’s equipped with the latest technology.

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