Leasing or fleecing, here are the facts.

Buy or lease? It's a question every customer should consider. So Morrie's has put together some good information to help you decide. Of course, if you're too tired to read, the short answer is a simple, yes, you should lease

WWMSD (What Would Morrie's Staff Do?)
Almost everyone working at Morrie's leases. No, we don't get special deals, incentives or freebies from the automakers. We lease because it's the most affordable way to get into a new vehicle, while also providing the lowest cost of ownership.

Is there a rule of thumb?
If you know that you'll own your vehicle for ten years or longer, go ahead and buy. If you can't be sure, lease. The national average for owning a car is about six years. So you'd have to be the atypical driver to benefit from buying.

Why is leasing less expensive?
When you lease, you only pay for a portion of the car – the best portion that's brand spanking new. Plus, you'll never get dinged for depreciation or maintenance.

How does the cost of ownership compare to buying?
Statistics show most people own a vehicle for six years. The average financing contract when purchasing is five years. So the whole idea of paying off a vehicle and then driving if for free is somewhat misguided and a very short term benefit.

Are there any catches?
There are no catches providing you are honest when establishing lease terms. For example, don't claim to drive 10,000 miles a year if you really drive 15,000. It's better and more affordable to establish accurate contract terms than end up paying milage overages. It's also wise to include wear care coverage. This will cover damages (scratches, dings, dents, tires) that are sure to occur while you are leasing the vehicle. But worst case scenario, even if you do exceed the terms, the penalties are not significant. Morrie's isn't out to nickel and dime customers when a lease expires. We're happy to take your vehicle for our used car lots, and help you get into your next lease.

Is leasing smart for first-time drivers?
For first time drivers, leasing makes more sense than buying a used vehicle. A leased car is a new car with all the latest safety features including air bags, new brakes, new tires and other advancements. A new car is also a more reliable car so you'll never have to worry about a breakdown leaving your young driver stranded. Many new leases even come with roadside assistance programs. What's more, a leased vehicle includes a manufacturer warranty to guard your young driver's pocketbook from costly repairs.

Okay, why would anyone buy?
That's a great question. Unfortunately, it doesn't come with a great answer. Leasing earned a bad reputation in the seventies, and rightly so. Back then a lot of drivers were burned by open-ended leases. By shifting numbers, dealers gave drivers a lower monthly payment, but these lower payments resulted in the drivers needing to make a very large, and very unexpected payment when they returned the vehicle. Not surprisingly, the days of the open-ended lease are gone. But the negative perception remains.

Should you fear the unknown?
Drivers understand how to buy things. Leasing, on the other hand, seems mysterious. This is why people create all sorts of weird “what ifs” and “I've heard” stories to justify paying more for a vehicle than they need to. Hey, we love selling cars and we're happy to help you purchase a new vehicle. But, if you're a typical driver who will replace their car every six years, save yourself a bundle and lease.