Like some homes, cars are now selling for above the asking price. Prices are so high that some experts say it’s best to wait as long as you can before acquiring a new car.
Hello and welcome to Financial Face-off, a MarketWatch column where we help you weigh financial decisions. Our columnist will give her verdict, then you can tell us in the comments what you think.
The average new-car transaction price was $47,077 as of January 2022, up from an average of $43,332 in 2021. The average price for a used car in 2021 was $26,910, up from $22,337 in 2020. — Kelley Blue Book editor Matt Degen Translation: Like some homes, cars are now selling for above the asking price.
But if your old clunker just quit, or your new job means you need to drive more, here’s how to decide whether to lease or buy, according to car-buying experts from Kelley Blue Book and Edmunds.com and more than a dozen financial advisers with the National Association of Personal Financial Advisors. That makes it sound like leasing is cheaper — and it is, if you only look at the monthly payment. But if you buy a car and hold on to it long enough to pay off the loan, buying will cost you less than leasing in the long run.
“The answer to this question is the universal answer to most financial planning questions: it depends,” Buttfield said. Money is relatively cheap to borrow right now for people with good credit, which can make buying more attractive. If you have bad credit, however, it can negatively affect what kind of lease deal you can get, including the size of your down payment and monthly payments.
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