I’m a former car salesman – you’ll save thousands leasing instead of buying, but there’s a common mistake many make

CAR leasing benefits include lower average monthly payments and driving a new vehicle every few years.

But there’s one costly mistake renters keep making.

Deshone is a former auto salesman who worked for Mercedes-Benz and General Motors (GM) for a combined 10 years

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Deshone is a former auto salesman who worked for Mercedes-Benz and General Motors (GM) for a combined 10 yearsCredit: tiktok/deshonetheautoadvisor

TikTok user Deshone posted a video explaining that buying your lease is one of your “worst things”. [as a driver] can do.’

Deshone is a former auto salesman turned auto consultant with over ten years of experience at Mercedes-Benz and General Motors (GM).

Auto dealers typically tout their lease-to-buy option as a significant benefit — but Deshone says these purchase deals negate the benefits of a lease.

Deshone lists the lease benefits as follows:

I'm a car consultant - the three cheapest ways to drive a car
I'm a money expert - how to save $50 a day on your next car rental
  • Driving with the latest features
  • Short term ownership
  • A lower average monthly payment
  • Making use of the manufacturer’s guarantee
  • You don’t have to invest in the asset [car]

Deshone points out that drivers who use a dealer’s lease-to-buy program may end up taking out a loan that lasts about five years at the end of their agreement.

Leasing for three years and paying off the car for another five years fits Deshone’s recommendation to drive for eight years – but leaves you financially behind.

Buy out your lease and you’ll own a car with outdated features and a more expensive average monthly payment.

With leased cars, the average monthly cost is lower than when you buy one because the monthly payment on a lease covers the vehicle’s depreciation and not the total value of the model.

Try trading a lease-to-buy vehicle in the early stages of your loan and you will likely incur a negative equity loss.

Deshone shares his knowledge of leasing vs buying a car

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Deshone shares his knowledge of leasing vs buying a carCredit: tiktok/deshonetheautoadvisor

https://www.the-sun.com/motors/5768966/save-thousands-leasing-rather-buying/ I’m a former car salesman – you’ll save thousands leasing instead of buying, but there’s a common mistake many make

Chris Barrese

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