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AAA recently unveiled its 2013 annual study in the cost of ownership for the typical sedan, available at AAA’s “Your Driving Costs” study, which revealed a nearly 2% increase in the cost to own and operate a sedan in the U.S. This report must raise a few eyebrows simply because of the increase in costs. One major question that needs to be asked is, are we getting to a point where leasing makes more financial sense for consumers?
The financial costs of ownership vs. lease: According to AAA’s report, it costs more than $9,000 to own and operate a sedan in the U.S. based on 15,000 miles of annual driving. According to the latest pricing data from Swapalease.com, an average lease price on a Toyota Camry is $326 per month, translating to an average annual cost of $3,912. Even after factoring the annual costs of insurance ($1,029) and fuel ($2,167), the annual cost to lease a Toyota Camry comes in at an average of $7,108, or 43 cents per mile. Lease drivers do not have to address depreciation costs on the vehicle since there is no ownership at the end of the lease. Additionally, disposition fees at the end of the lease average about $500, but that’s a one-time fee not an annual fee.
Maintenance costs are typically lower on leases since the cars are in their earlier years and do not require the heavy replacements that take place later on during the life of a vehicle. What’s more, some lease programs include maintenance in the monthly payment.
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal.