WHY SMART PEOPLE LEASE CARS

Summary

Podcast Summary: Earn Your Leisure – "WHY SMART PEOPLE LEASE CARS"

Podcast: Earn Your Leisure
Episode: WHY SMART PEOPLE LEASE CARS
Date: December 31, 2025
Hosts: Rashad Bilal and Troy Millings (with guest experts)
Timeframe Covered: [04:19]–[20:23]

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Overview

In this episode, Earn Your Leisure explores the financial thinking behind leasing versus buying cars, debunking common misconceptions and outlining the benefits (and potential drawbacks) of different auto financing options. With input from a car financing specialist and a car leasing/buying expert, the hosts break down why leasing is a preferred strategy for many financially savvy and entrepreneurial individuals, particularly those seeking flexibility, tax advantages, and technology upgrades.

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Key Discussion Points & Insights

The Difference Between Leasing and Buying ([04:19]–[05:04])

• Ownership Misconceptions:

  • Leasing: You don’t own the car (the finance company does), but many buyers also don’t truly own their car until fully paid off.
  • Buying: Even with financing, the bank “owns” the car until the loan is repaid; title stays with the bank.

• Depreciation Realities:

  • Owning a car outright is rare, and most want to trade in or upgrade by the time it’s fully paid.
  • Cars rarely appreciate; they lose value—the crux of why leasing appeals to “smart” money managers.

“Do you want to own a vehicle that's going to lose value? Very rarely do cars go up in value, so that's why leasing is so prevalent.”
— Car Financing Specialist ([04:25])

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Leasing Benefits for Entrepreneurs and Business Owners ([05:07]–[05:53])

• Tax Advantages:
  • Leasing allows business owners to write off lease payments, insurance, and gas, which are all deductible as business expenses (by percentage).
  • Owning only lets you deduct depreciation, which is often less favorable.

“For me personally, the reason why at least is that as a business owner...I get better tax treatment for leasing a car.”
— Car Leasing/Buying Expert ([05:16])

• Maintenance:

  • Lease typically covers maintenance (oil changes, etc.).
  • Newer cars with warranty coverage, less out-of-pocket shock.

• Upgrading:

  • Regularly drive a new car every 2–3 years.
  • Lower upfront cost compared to the buy-and-sell cycle.

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Leasing Myths & Misconceptions ([05:53]–[08:39])

• Personal Preference: Leasing isn’t for everyone; no one-size-fits-all. Some people value long-term ownership, others the ability to upgrade frequently.

• Tax and Fee Structure:

  • Leasees pay tax only on the portion of the car they use (monthly payments), not the total value (varies by state).

• Mileage Limits:

  • High mileage isn’t always a dealbreaker—there are high-mileage lease options.
  • Main benefit: Know your exact cost of ownership up front, covered under warranty for average three-year lease lifespan.

“A lot of people think that if I drive a lot of mileage, I shouldn't be leasing...I think the contrary. Even if it’s a high mileage lease, you know your true cost of ownership.”
— Car Financing Specialist ([06:55])

• Flexibility:
  • Leasing lets you adapt as your lifestyle changes—swap sedans for SUVs as needed without worrying about resale value or depreciation.

“Technology is moving so fast...in three years, your life changes. You have a family, you have kids. I come out of the lease, I go into a brand new SUV.”
— Car Financing Specialist ([07:46])

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Credit Considerations ([08:39]–[09:04], [14:33]–[15:16])

• How Credit Impacts Leasing/Buying:
  • Different automakers use different bureaus (TransUnion, Equifax) or auto-specific scores.
  • A strong history of on-time auto payments can help, even with dings elsewhere on your credit.

"The bank may look at that and say, hey...they always paid their car on time. So...they're going to take care of that monthly payment.”
— Car Financing Specialist ([14:53])

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Tax Strategies for Everyday Earners ([15:16]–[16:58])

• Side Hustlers & Part-time Entrepreneurs:
  • Even W2 employees with side businesses can create entities (LLC, C-corp) to gain write-off benefits.
  • Sectors like real estate, sales, and insurance can benefit from deducting car expenses through their business.

“The tax system is set up for entrepreneurs and investors. It’s not set up for employees...So if you work a regular job and you might have a side hustle, why not get that incorporated...Now you have a business; you can deduct the same deductions.”
— Car Leasing/Buying Expert ([15:30])

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Price Negotiation & Car Buying Tips ([16:58]–[19:44])

• Key Terms Defined:

  • MSRP: Manufacturer’s Suggested Retail Price—sticker price.
  • Selling Price: What you actually negotiate.
  • Cap Cost: On a lease, it’s the final “price” being financed (includes fees, taxes if rolled in).

• Used vs. New:

  • Buying: If you insist on buying, certified pre-owned is safest—rigorous inspection, better warranties.
  • Certified Pre-Owned Cars: Lower price after initial depreciation, often qualify for new car interest rates.

“If you are going to buy a car, buy a certified pre-owned...Not only will they inspect the vehicle...the dealership is putting themselves behind that vehicle.”
— Car Financing Specialist ([18:13])

• Depreciation Hits:
  • The steepest hit occurs at registration/titling (often right after leaving the lot).
  • Certified cars avoid that initial loss and give more peace of mind.

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Notable Quotes & Memorable Moments

• On Leasing:

  "I haven't paid for an oil change and I can't remember when...everything is paid for.”
  — Car Leasing/Buying Expert ([05:42])

• On Flexibility:

  “Technology changes. Even like the vehicle I have now...I need that technology now. So it's like you can just come in every three years, man. That's a huge benefit in leasing.”
  — Frank (Podcast Host) ([08:39])

• On Making Informed Decisions:

  “A lot of times we make decisions based out of ignorance, not knowledge.”
  — Car Leasing/Buying Expert ([16:53])

---

Key Segment Timestamps

• [04:19] Leasing vs. Buying – Core differences and misconceptions
• [05:07] Tax advantages & maintenance benefits of leasing
• [06:21] Leasing fee and tax structure explained
• [06:55] On high mileage leases and total cost of ownership
• [08:39] Technological upgrades and life changes—why flexibility matters
• [14:33] How credit history impacts car financing and leasing
• [15:16] Entrepreneurial and side-hustle tax strategies for car leases
• [17:05] Key auto finance terms (MSRP, cap cost, etc.)
• [18:13] Why certified pre-owned is the smart way to buy

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Final Takeaways

• Leasing can be smarter, especially for business owners and those who value flexibility or new technology.
• Biggest financial benefit comes from tax deductions when leasing through a business or side hustle.
• If buying, go certified pre-owned to avoid depreciation and get better rates.
• Understand your needs: Personal preference, lifestyle changes, and mileage make a difference in the best approach.

---

For anyone considering their next vehicle, this episode presents a clear breakdown between buying and leasing, dismantling myths and providing solid, actionable advice for both everyday drivers and entrepreneurs.

Transcript

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[Car Leasing/Buying Expert]

Difference Between Leasing and Buying a Car what are some key differences in leasing a car and buying a car?

[Car Financing Specialist]

Well, on a lease, most people. You'll hear that a lot. People say, well, you don't own the car, right? But the truth is, do you want to own a vehicle that's going to lose value, Right? Very rarely do cars go up in value, so that's why leasing is so prevalent. So 70, 80% like you said of people lease the vehicles. When you're financing the vehicle, you do. You technically own it, but the bank owns it while you're financing. So until you pay it off, the vehicle still belongs to the bank title. The title's held by the bank. You're not the owner of that vehicle.

[Car Leasing/Buying Expert]

That's something that's a common misconception. You don't own a car either way until you finally pay it off. And then when you do pay it off, more People want to trade it in.

[Car Financing Specialist]

They want to trade it in right away.

[Frank (Podcast Host)]

By the time you own it now, it's old.

[Car Leasing/Buying Expert]

Exactly. But another thing with the leasing that people don't fully understand for me personally. Right. The reason why at least is that some. A business owner.

[Frank (Podcast Host)]

Yep.

[Car Leasing/Buying Expert]

Right. So I get better tax treatment for leasing a car. Exactly. Whereas like with the lease, I could write off the insurance, the gas and the lease payment formula percentage. We won't get too complicated in it. But I can write that off on my taxes. If I own the car, then I could only I have to go by the depreciation. Correct. Because it's an own. I get less of a tax benefit for owning a car. So it's in my benefit to lease the car because it's pretty much a write off for me and I don't have to worry about maintenance. Right. So I never, I haven't gotten, I haven't paid for oil change and I can't remember when because all these, everything is paid for.

[Frank (Podcast Host)]

And warranties too.

[Car Leasing/Buying Expert]

Yes. And then I get a new car every three years. So I always sell. Like if you want to. Everybody's personal preference is different. You can't force your views on somebody. Right. Like if you want to keep a car for 10 years, that's your right. You, you can do that. I don't want to do that. I want a new car. So I know it's going to cost me a lot more money to buy a car and then buy a new car every three years as opposed to leasing a car and then getting a new car every three years. And the upfront is less. Yep. Right.

[Car Financing Specialist]

Yeah, absolutely. Yeah. On a lease you only pay, let's say, the taxes.

[Frank (Podcast Host)]

Right.

[Car Financing Specialist]

When you're financing a vehicle, you pay tax on the whole price of the car or on a lease you only pay tax on, let's say the monthly payment, depending on the state and where you're registering the car. Let's say like New York, you're only paying tax on the monthly payment.

[Car Leasing/Buying Expert]

Right. So I think that that's something that people could. And as far as for me, I don't drive a lot, so 12,000 miles, I never go over 12,000 miles. I usually hit like 11, 10, 5. So it's, it's perfect for me. Yeah, but you were saying even if you do go over 12,000, that's a.

[Car Financing Specialist]

Big misconception also is a lot of people think that if I drive a lot of mileage I shouldn't be leasing. You know, you hear a lot of people Come in and they say, you know, I do 15, 20,000 miles a year. I shouldn't. You know, leasing is not for me. I think the contrary. It's the way I look at it is when you're leasing a vehicle, even if it's a high mileage lease, you know your true cost of ownership. Like you said with maintenance, right. You know that you're going to have this car three years, you're going to put 15,000 miles a year, you'll have 45,000 miles. Most warranties are, let's say four year, 50,000 mile, bumper to bumper warranty. So you're still covered under your warranty. You see what I mean? So you'll be able to look at it and say, hey, you know what, I know exactly what I'm going to be paying every month for this car as long as I have my lease. Now, when you're financing a car and you're putting high mileage on the car, the two things that lower the value of the car quickest is the amount of mileage you put on it and the condition of the car. So let's say if the vehicle was in an accident. So if I'm leasing my car and someone in that, my next door neighbor's buying their vehicle and they're financing their car in three years, I have a lot more flexibility of what I can do. I don't have to worry about if my car was in an accident or you know, did somebody key my car? Did a garbage truck come down the street and hit my car? Because their value has dropped now. So now you're playing this guessing game of, well, wait a minute, what is my car now worth? And you run into a situation where you finally pay off your car, you put money into the vehicle, trying to fix it, and they turn around and say, hey, your car's worth $6,000. Now the other thing that we talked about was that technology is moving so fast, so things get antiquated quick. So that's why leasing is nice, because in three years, you, you may not need a small sedan right now in three years, your life changes. You have a family, you have kids. Now I want to suv, My lease is up. I come out of the lease, I go into a brand new SUV if.

[Frank (Podcast Host)]

I want to champion that Honda Accord anymore.

[Car Financing Specialist]

Exactly.

[Car Leasing/Buying Expert]

Yeah.

[Frank (Podcast Host)]

No, it's true. Technology changes. Even like the vehicle I have now, like I saw the 2000, 20, 20 model, I'm like, wait, yeah, that is ridiculous. Like, I need that technology now. So it's like you can just Come in every three years, man. That's, that's a huge benefit in leasing. One of the things that is important when you're leasing or financing is the credit.

[Car Financing Specialist]

Yep.

[Frank (Podcast Host)]

How does that work? Is there a specific bureau that car dealerships use? Or the bank? How's it go?

[Car Financing Specialist]

So it varies between manufacturers. So different banks. So let's say Earnest, what's up?

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[Car Leasing/Buying Expert]

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[Car Financing Specialist]

If you go into Honda, Honda Financial, Toyota has Toyota Motor Credit. Mercedes Benz has Mercedes Benz Financial. They all have different criterias, right? So it's not, it's not a blanket as far as what they use. Some people use TransUnion, some people use Equifax. Other manufacturers use what's called the auto score. So an auto score means your automotive history. So even if you had some trouble on your credit, but they saw, let's say for whatever reason you had some medical bills or something happened, but you always paid your car note on time, the bank may look at that and say, hey, well wait a minute, yeah, they missed some payments over here, but they always paid their car on time. So that means that, hey, you know what, this person needs that car. They need to get to work, they need to provide for their family. So no matter what happens, they're going to take care of that monthly payment.

[Car Leasing/Buying Expert]

And another thing I want people to think too. A lot of times people look at it like, okay, well I'm not a business owner and we're talking about luxury cars. Just because we have luxury cars, but the conversation is for any type of car, doesn't matter 100%. But also people have to realize is that you don't have to be a full time entrepreneur to be an entrepreneur. Because the tax system, I can't stress this enough. The tax system is set up for entrepreneurs and investors. It's not set up for employees, right? So as an entrepreneur, you get all kinds of benefits. You can write off meals, you can write off travel, you can write off almost anything realistically, as long as it makes sense, don't get audited. And cars is one of the things that you can write off, right? So if you work in a regular job and you might have a side hustle, why not get that incorporated, get llc, get a C corp, whatever you want to do and get a tax id, opening up bank account. Now you have a business, so now you can lease that from your side hustle business and you can deduct the same deductions like if you work the regular job, right? Like now that goes against any money that you make on that end. So I say that to say we have to think like business people and you don't even have to actually be a full time business owner. Salespeople as well. Right. If you're at 1099 or if you are in some form of. Form of sales where you can take deductions like real estate, stuff like that. Insurance. You sell insurance, the same thing. So a lot of times people, you know, they have negative views towards things because they don't. They have a lack of understanding. Once you have a lack of understanding. And like I said now, if you still choose to do that, then it's your decision.

[Car Financing Specialist]

It's free country, 100%.

[Car Leasing/Buying Expert]

But a lot of times we make decisions based out of ignorance, not knowledge.

[Car Financing Specialist]

Right, Misinformed.

[Car Leasing/Buying Expert]

Yep, exactly. So one of the things I wanted to ask you was you said MSRP versus price, right? What's the difference versus selling price?

[Car Financing Specialist]

All right, so yeah, so you have msrp, right? That's what's on the window sticker.

[Car Leasing/Buying Expert]

Right.

[Car Financing Specialist]

So the manufacturer suggests the retail price of the vehicle. That's msrp manufacturer suggests the retail price. That's what they recommend you should be selling that car for now, the selling price is what you negotiate, right? Or whatever. However you can reduce the selling price of the vehicle. That's what that comes down to.

[Frank (Podcast Host)]

So is that the same thing as a cap cost?

[Car Financing Specialist]

So no cap cost. Let's say you're leasing or you're financing the vehicle. The final cap cost is the selling price plus anything else. So whatever money the bank is lending you, whether it's a lease or finance, they're still lending a certain amount of money. So let's say on a lease, if you rolled your taxes into your payment, that's going to add to your cap cost. If you negotiated a $50,000 selling price and then you rolled your taxes of $2,000 into the lease, that's $52,000 cap cost.

[Frank (Podcast Host)]

Okay, and is that negotiable?

[Car Financing Specialist]

Well, it's based on what you negotiate as far as you'll see your selling price. Okay, so whatever fees you put into it, those aren't negotiable, those, let's say taxes and DMV fees, things like that.

[Car Leasing/Buying Expert]

So. All right, we talked about, okay, talk about leasing a car, but buying a car, Somebody wants to buy a car, right? And you would say most of the time if you do want to buy a car, it makes more sense to buy a used car.

[Car Financing Specialist]

I always recommend people, if you are going to buy a car, buy a certified pre owned. Now listen, there's vehicles you can find at these lots that are not authorized, let's say Mercedes Benz dealerships or Toyota dealership. Me personally, I think you're better off going to, you may pay a couple of dollars more, but you're getting it from the manufacturer. So you have the backing with manufacturers. And just give you an idea. Most companies, when they certify a vehicle, the vehicle goes through, let's say, you know, 150.16 point inspection. So not only will they inspect the vehicle to make sure that it's in certain conditions, so they'll eliminate things like let's say there's a place frame damage to the car, if the car is frame damage doesn't qualify for certification, so it's eliminated. Most dealerships won't even take that car. They'll send that car out and that's where you'll see the vehicles on these other side lots, right? And they're selling those vehicles. So there's really no recourse when they, when it comes to something happening to the car. Not to mention the fact that once that car goes through the certification, a lot of manufacturers will put new car interest rates on those cars. So typically pre owned cars or used cars will have a higher interest rate than a new car. But if it's certified, you get a better interest rate. So like right now, like let's say you have 1.99%. You can't get 1.99percent on a used car anywhere else. You know what I mean? If the vehicle's certified, that's the way to do it. Me personally, the vehicles, as you guys have all heard this people say, oh well, the vehicle loses value as soon as you drive it off the lot. And now what happens is really it's, once it's registered, the vehicle loses value. That's when it, that's when the vehicle loses value. And that's normally when you drive it.

[Frank (Podcast Host)]

Off the lot, that's when you got it brand new.

[Car Financing Specialist]

So yeah, when you're buying the car brand new, it initially loses its value when you drive it off a lot or the vehicle is titled. Okay, so now you're buying a vehicle who's gonna, that's gonna depreciate in value. That's what a car does, it's gonna go down in value. So you're financing a car that's losing value. It already took a big hit, right? When you're buying new opposed to a certified pre owned, that the initial depreciation has already happened, it's already taken place, but you knew that car was taken care of. The manufacturer, the dealership, you know, is putting themselves behind that vehicle. Saying, hey, we know this vehicle, we've inspected this vehicle, we know this vehicle's in good shape. We're willing to even put a a new car rate on it. So you have some more confidence when to buying that type of vehicle.

[Car Leasing/Buying Expert]

Okay.

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This podcast is brought to you by FedEx. The new power Move. Hey, you know those people in your office who are always pulling old school corporate power moves? Like the guy who weaponizes eye contact. He's confident, he's engaged, he's often creepy. It's an old school power move. But this alpha dog laser gaze won't keep your supply chain moving across borders. The real power move? Having a smart platform that keeps up with the changing trade landscape. That's why smart businesses partner with FedEx and use the power of digital intelligence to navigate around supply chain issues before they happen. Set your sights on something that will actually improve your business FedEx the new power move.

[Everytown for Gun Safety Spokesperson]

You don't just hope for change, you make it happen. Because you know that behind every statistic is a story. A child, a family, a future. Gun violence is now the number one cause of death for children and teens in America at Everytown for Gun Safety Action Fund. That's a statistic we're working to change. With the support of donors like you, we've built the largest gun violence prevention movement in the country. Nearly 11 million Americans strong. Your generosity fuels real progress. Hundreds of life saving laws passed at the local, state and federal levels. A national network of survivors, students and moms empowered, trained and mobilized. This isn't just charity. It's an investment in safer schools, stronger communities and a future where every child can grow up free from gun violence. As we prepare for the year ahead, we need you with us. Through December 31st, your gift will be triple matched three times the impact to save lives. Go to everytown.org and make your triple match donation today.

[Ryan Reynolds (Mint Mobile Ad)]

If a Lenovo computer for your business is on your holiday list, don't shop around, just go directly to the source Lenovo.com it's your last chance to get exclusive deals on the PCs you want for your business, like the ThinkPad X914, Aura Edition and Yoga 7i 2in1. So avoid all that shopping chaos and price comparing and just go directly to the source Lenovo.com where PCs are up to 35% off. That's Lenovo.com Lenovo Lenovo.

[Commercial Narrator]

Enjoying a healthy dinner that tastes great means eating out at a pricey restaurant, right? Wrong. HealthyChoice Simply Steamers are delicious and healthy. The Tray n Tray Steam Technology delivers crisp veggies and tender protein and tasty selections like Healthy Choice, Simply Steamers Grilled Chicken and Broccoli Alfredo. It's a satisfying meal with 28 grams of protein and nothing artificial. Healthy Choice Simply Steamers what Having It.

[CVS Representative]

All Tastes like at cvs, it matters that we're not just in your community, but that we're part of it. It matters that we're there for you when you need us, day or night. And we want everyone to feel welcomed and rewarded. It matters that CVS is here to fill your prescriptions and here to fill your craving for a tasty and, yeah, healthy snack. At cvs, we're proud to serve you your community because we believe where you get your medicine matters. So visit us at cvs. Com or just come by our store. We can't wait to meet you. Store hours vary by location. This is an iHeart podcast guaranteed human.