Should You Lease a Car? (Probably Not. But Let’s Find Out.)

Signing a car lease contract

One of the most common questions I get from clients is, “Can you help me lease a car?” Sure — I can help with that. But first, I always ask a very important question:

“Why are you interested in leasing?”

Nine times out of ten, the answer is:

“Because the monthly payment is lower.”

Cue the buzzer sound.

Wrong answer.

If you're thinking about leasing just to get a cheaper monthly payment, you're cruising straight into trouble. Some dealerships actually use leasing as a sales tactic to put people into cars they can’t truly afford — often without the buyer even realizing they've signed a lease. Yep, that happens more than you think.

Leasing Isn’t a Budget Hack — It’s a Lifestyle Choice

Leasing can be a good fit for certain people, but it’s not a universal money-saver. In fact, for a lot of folks, it ends up being an expensive mistake.

Let’s talk mileage — the Achilles heel of leasing. Most standard leases are based on 12,000 miles per year. But the average American drives closer to 15,000 miles annually. And that doesn’t account for life changes — like a new job across town that tacks on another 5,000 miles a year.

Here’s the kicker: if you go over your lease’s mileage allowance, you’ll pay for it. Literally.As much as 30 cents per mile. I've seen people hit with $8,000 in overage charges at lease-end. That’s not a “gotcha”—that’s a financial punch in the gut.

Some carmakers offer higher-mileage leases, but they’re usually not a good value. In many cases, you’d be better off just buying the car.

Not All Cars Are Lease-Friendly

Another thing people forget? Not every car is worth leasing. The math behind a lease is based on the car’s predicted value at the end of the lease term (called “residual value”). Cars that hold their value well usually make for better leases — but only if the manufacturer has a solid lease program behind it.

Some automakers push strong lease deals to move certain models. Others... not so much. If you lease a car with a weak resale value or a poorly structured program, the “deal” disappears fast.

Leasing Might Be Right for You If:

✅ You consistently drive 12,000 miles or less per year

✅ You want a car with high resale value

✅ You like driving something new every few years

✅ You have a second car to fall back on (just in case)

Leasing Is NOT for You If:

❌ You drive more than 15,000 miles per year

❌ You have no idea how many miles you drive (seriously, track it)

❌ Your job, home, or lifestyle might change in the next few years

❌ You don’t have cash set aside to cover overage charges

❌ You want a car that doesn’t lease well

❌ Your credit isn’t stellar (leases favor the financially squeaky clean)

Already In a Lease and Over on Miles?

You're not alone. Getting out of a lease isn’t easy, but it’s not impossible either.

You may need some cash to cover the negative equity, or you could look into buying out your lease and refinancing the vehicle. Some leasing companies even allow you to renegotiate mid-term if your mileage is way off from what you expected — but don’t count on it unless you ask.

The Bottom Line: Know What You’re Getting Into

Leasing can work — but only if you’re the right kind of driver and you understand the fine print. It’s not a shortcut to a luxury car on a budget. It’s a commitment, and for a lot of people, not the right one.

Helping clients decide whether leasing is a smart move is a key part of my Perfect Car Buying process. If you’re not sure if leasing makes sense for you, reach out. I’ll help you make a decision based on math and logic — not dealership marketing.

And if you want more real talk about leasing, check out this Straight Shift podcast episode. I promise, it’s more useful than the fine print on your lease agreement.