New car sales are stronger than they have been since the start of the Great Recession, and likely to keep climbing, according to industry analysts. Demand is expected to be especially strong in the coming weeks, with August traditionally one of the hottest months of the year at dealer showrooms.
The good news for consumers is that despite surging demand, interest rates remain at near-recession lows. That’s led many buyers to move up-market by stretching out loans to five, six and even seven years. But if you’re in the market for a new car, truck or crossover, should you be buying or leasing? Are there, in fact, other even more affordable options?
A new study underscores the financial advantages of leasing over buying, but it also points to a potential alternative, a small but growing number of motorists opting to take over existing leases, something equivalent to buying a “nearly new” vehicle.