Are You More Likely To Lease Or Buy A Brand New Car? SlashGear Survey Reveals The Answer
There are over 275 million registered vehicles in the U.S., and at least 91.5% of U.S. homes have access to a vehicle (via Motley Fool). Besides that, the percentage of vehicles that are leased rather than purchased has been steadily climbing over recent years, as explained by The New York Times, having tipped over the one-in-four milestone way back in 2014. A lease contract is ideal for a customer who wants to drive the model for three or four years and then return the car to the dealership.
However, buying is also a popular option, and for a good reason: each payment goes toward the ownership of the car, which you get to keep after paying off whatever financing arrangement is in place. However, that's not to say there aren't some downsides to financing a purchase rather than leasing, which muddies the waters a bit. Which type of deal is ultimately more popular with the average person? We conducted a survey to find out.
Most people would prefer to buy a brand new car
In a SlashGear survey with 590 U.S. respondents, 54.92% said they would prefer to buy a new car and 16.61% said they're more likely to sign a lease for a new car. Of course, most people wouldn't want a lease because they return the car to the dealership after the contract expires. A lease agreement will also limit the mileage on your vehicle, and you won't be allowed to do any modifications. Even though the monthly installment of a lease is usually cheaper than a loan payment, you're still expected to cover insurance, tax, maintenance, and depreciation value.
On the other hand, the biggest benefit of buying a brand-new car is that you retain ownership. However, most leases offer customers a contract clause to buy the vehicle after the term expires. It could also be convenient for people who prefer to trade in vehicles after three or four years. In fact, most people driving electric vehicles have signed a lease agreement. But not everyone in our survey wants to buy a new vehicle — 28.47% would rather buy a used vehicle.