J.J. McCorvey

speaker

619 appearances 13 recordings 1 series first heard May 2021 last heard Jul 2022

J.J. McCorvey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Car Prices Too Steep to Buy? How About Leasing? · 30 Aug 2021 podcast

When you lease a car, there usually is a down payment, but you typically have lower monthly payments because you're paying a price based on the difference between the actual retail value of the car and then the expected value of the car at the end of your lease. matched

Well, right now, as experts told me, interest rates are still really low. matched

So the interest to lease a car versus financing to buy a car are still relatively low. matched

So, for example, according to Edmunds.com, the car shopping website, the national average APR for leases right now is 3% versus 4.5% for dealer financing. matched

And that's on like a new car. matched

Well, like I said before, interest rates are low. matched

So I think a lot of consumers want to take advantage of that. matched

But it's still generally cheaper to lease a vehicle. matched

And as you know, we have been in pretty dire financial straits in the country because of the pandemic. matched

And so I think matched

leasing has become a more attractive option. matched

But also kind of getting more to the heart of the matter, there's a chip shortage globally. matched

And so that has affected the amount of inventory that dealers have, which have caused used car and new car prices to skyrocket, which is driving people towards leasing. matched

So there's a lot actually that goes into the equation when it comes to leasing a car. matched

Experts told me that your mileage can significantly affect the overall calculation. matched

For example, for years, the standard yearly mileage limit increased. matched

when you sign a lease has been 12,000 miles, but that's even been shortened to 10,000 miles because people are driving less. matched

And so you might sign up for a certain kind of term that has a certain amount of mileage requirement or mileage threshold. matched

And you're thinking that, you know, because you're working from home, you probably won't go over that amount, but then you do. matched

And then that ends up in more fees. matched

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