10 Cars That Are Better To Lease Than Own in 2024
Written by
Nicole Spector
Edited by
Levi Leidy
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Some financial experts, including Suze Orman, strongly advise against leasing a car, arguing that leasing is a waste of money. Why borrow when you can own?
This is a totally fair argument, but there’s still good reason, in many cases, to lease rather than own a car. It depends on the automobile, how much of a loan you’d have to take out to own it after four years and how rapidly the car will depreciate over those 48 months.
In a recent study, GOBankingRates analyzed the most popular cars in 2023 and 2024 and found the total cost of leasing versus owning a car over four years. According to our in-depth research, these are cars that are better to lease than own in 2024 in terms of savings.
10. 2023 Mazda MX-5 Miata RF
- Starting MSRP: $37,010
- Total cost for 4-year Loan with 20% down payment: $40,138
- Total cost with 4-year lease: $20,064
- Total savings over 4 years with lease: $20,074
9. 2023 Kia Stinger
- Starting MSRP: $37,865
- Total cost for 4-year Loan with 20% down payment: $41,077
- Total cost with 4-year lease: $20,544
- Total savings over 4 years with lease: $20,533
8. 2024 Ford Mustang
- Starting MSRP: $39,020
- Total cost for 4-year Loan with 20% down payment: $42,316
- Total cost with 4-year lease: $21,168
- Total savings over 4 years with lease: $21,148
7. 2024 Toyota Crown
- Starting MSRP: $40,350
- Total cost for 4-year Loan with 20% down payment: $43,734
- Total cost with 4-year lease: $21,888
- Total savings over 4 years with lease: $21,846
6. 2023 Volkswagen Arteon
- Starting MSRP: $43,010
- Total cost for 4-year Loan with 20% down payment: $46,618
- Total cost with 4-year lease: $23,328
- Total savings over 4 years with lease: $23,290
5. 2023 Nissan Maxima
- Starting MSRP: $44,450
- Total cost for 4-year Loan with 20% down payment: $48,202
- Total cost with 4-year lease: $24,096
- Total savings over 4 years with lease: $24,106
4. 2024 Toyota GR Supra
- Starting MSRP: $46,440
- Total cost for 4-year Loan with 20% down payment: $50,376
- Total cost with 4-year lease: $25,152
- Total savings over 4 years with lease: $25,224
3. 2024 Porsche 718 Cayman
- Starting MSRP: $68,300
- Total cost for 4-year Loan with 20% down payment: $74,044
- Total cost with 4-year lease: $37,008
- Total savings over 4 years with lease: $37,036
2. 2024 Porsche 718 Boxster
- Starting MSRP: $70,400
- Total cost for 4-year Loan with 20% down payment: $76,336
- Total cost with 4-year lease: $38,160
- Total savings over 4 years with lease: $38,176
1. 2023 Chevrolet Corvette
- Starting MSRP: $72,000
- Total cost with 4-year loan after 20% down payment: $78,048
- Total cost with 4-year lease: $39,024
- Total savings over 4 years with lease: $39,024
Methodology. For this study, GOBankingRates analyzed the most popular cars in 2023 and 2024 as sourced from Kelly Blue Book’s Car Ranking, to find the total cost of leasing or owning a car over four years. For each car on the list the MSRP was found from the manufacturer’s website. The Navy Federal Credit Union’s car loan calculator was used to find the cost of owning a car over four years by using the MSRP, calculating a 20% down payment, assuming a 5% APR and using 48 months as the term length. The total four-year loan cost was then calculated by multiplying the monthly cost by 48 months and then adding the down payment to find the total four-year cost of owning a car. The Edmunds car lease calculator was used to find the cost of leasing a car for four years. The Edmunds car lease calculator was used by filtering for 5% APR, 62% residual value, 12,000 annual miles, $0 incentive or trade-ins, 48-month term length and excellent credit score. Using those filters the monthly cost of leasing each car can be found and by multiplying by 48, the four-year total was found. For both methods the fees, taxes and other administrative costs were ignored for this study in order to better compare ownership methods. The depreciation amount can be calculated by using the Navy Federal Credit Union’s Car Depreciation Calculator using the MSRP and assuming four years of ownership during the depreciation time frame. The total loan cost and the total lease cost can then be used to calculate how much someone will save by leasing a car versus owning a car. All data was collected and is up to date as of Feb. 26, 2024.
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