Are you looking for a new vehicle? One of the questions that you may be asking yourself is...Is it still worth it to lease your vehicle in the Empire State. We've got the stats on auto lease payments vs. auto loan payments, and, it's an interesting ride!

According to a recent study, the average auto lease payment in New York has been on the rise, hitting $623 in June 2024. This might not seem like a big deal, but it's actually $7 higher than the average auto loan payment.

It turns out that New York is one of only 13 states in the U.S. where lease payments are pricier than loan payments. In the grand scheme of lease payments, the Empire State ranks 23rd in terms of the average amount paid, coming in lower than the national average of $638.

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On the flip side, the state is in 16th place for average auto loan payments, coming in at $616. It seems like both leasing and buying aren’t exactly a steal of a deal in New York. If we take a close look at the national trend, the rise in lease payments seems to be a downer for those who go the leasing route.

Since the second quarter of 2024, lease payments across the country have been going up, closing the gap between the cost of leasing and buying. The average auto lease payment was just $17 lower than the average monthly auto loan payment.

When it comes to the states with the highest and lowest lease payments, New York falls in the middle, mostly because of its not-so-outrageous lease payments. The hot spots for the highest average lease payments are Texas, Washington D.C., and California, while the cold spots with the lowest average lease payments are New Hampshire, Maine, and Vermont.

So, what's the bottom line? It seems like the advantage of leasing a vehicle – getting a lower monthly payment – has been dwindling, in New York and across the nation. With the rise in lease payments, the gap between leasing and buying has become smaller. after all.

Should you leave your vehicle in New York and opt for a lease? The decision is up to you, but it seems like the once-great advantage of leasing for lower payments has gone away...at least for now.

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