Lease vs. Buy a Car in Florida: How We Actually Answer That

We get asked this every week, and the truthful answer is that it depends on how you use a car. Not how you think you'll use it. How you actually use it.

So here's how we walk through it with clients in Miami and across South Florida.

When leasing a car makes sense

You like driving something new. You'd rather have a warranty than a repair bill. You drive a predictable amount, say under 12,000 miles a year. And you don't want to think about what the car is worth in four years, because that's someone else's problem.

That last part matters more than people realize. When you lease, the residual value is set up front. If the used market drops, the bank eats it. If you'd bought, you'd be the one eating it.

When buying a car makes sense

You put on a lot of miles. You keep cars a long time, seven or eight years. You want to modify it, or you've got a teenager who's going to scuff the bumpers. Or you just hate the idea of a payment that never ends.

Buying usually costs more per month, but at some point the payments stop and you own something. If you'll keep the car past the loan, buying almost always wins on total cost.

Why leasing in Florida looks different

The math isn't the whole story. Florida charges sales tax on each lease payment instead of on the full price up front, which is one reason leasing here is friendlier than in some states. And on a lot of the vehicles we broker, the manufacturer is quietly subsidizing the lease with a high residual or a low money factor. That's why a $60,000 car can lease for less than a $45,000 one. It's not a trick. It's just where the incentive money is that month.

It's also why the answer changes month to month. A car that was a clear buy in March can be a clear lease in June.

What we'd tell a friend

If you're under 12k miles a year and you like a new car every few years, lease, and let us find whichever brand is being subsidized right now. If you drive a ton or plan to keep it forever, buy, and let us get you the dealer's price instead of the sticker.

Either way, tell us what you're looking at and we'll run both numbers side by side. Takes us about ten minutes and it's free. You can also see this month's lease deals to get a feel for where the pricing is.