In a bluehillco 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.