Expenses are rising across the board—rent, groceries, gas—leaving many feeling financially stretched. One area where costs have surged dramatically is car leasing. Recently, TikToker Nicole Chmure (@readsandrescues) sparked a viral conversation with a video detailing her surprise at current lease prices. Her video, which has amassed over 538,000 views, highlights how her $460 Jeep lease is now considered a bargain in today’s market.
A Car Lease or Apartment Rent?
Nicole begins her video with a straightforward question to her followers: “What is your car payment?” She shares her story of visiting the dealership for routine maintenance on her leased Jeep. While there, the Jeep Wrangler Hybrid caught her eye. Curious, she inquired about leasing one, only to be stunned by the response.
According to Nicole, the dealership worker informed her that her $460 lease—a price that might feel high for many—was actually a steal. Leasing a new hybrid Jeep Wrangler would cost nearly double.
“He was like, ‘It’s probably going to be like $800,’” Nicole recounts in her video. “$800? $800 is half my rent. I can’t wrap my head around people paying $800 for a car.”
Concerned about the financial burden of such a high payment, Nicole is now exploring options to extend her current lease and maintain the lower cost.
Soaring Lease Prices in 2024
Nicole’s experience highlights a growing trend. According to Kiplinger, the Honda CR-V—the most leased car in early 2024—costs about $500 per month for a three-year lease. By contrast, buying the same car with a loan at a 7.84% interest rate amounts to $700 monthly.
Experian data reveals that the average auto lease payment in the second quarter of 2024 has risen to $638, up significantly from previous years. The gap between leasing and buying has also narrowed, with monthly payments differing by just $17 on average.
These soaring prices mean leasing is now primarily appealing to those who prefer switching cars every few years. For others, it’s becoming an unaffordable option.
Viewer Reactions
Nicole’s video sparked a wave of responses, with viewers sharing their own experiences and offering advice.
Alternative Suggestions
Many commenters urged Nicole to consider purchasing a used vehicle to avoid exorbitant payments.
- “You don’t HAVE to pay that. You can live within your means, buy a cheap, reliable, old car in cash and have 0 payment,” one viewer advised.
- “Don’t buy new; buy used with lower miles and stop leasing,” another agreed.
One viewer shared their pragmatic approach:
“I make 90k, live in a small town in KY, and I drive a paid-for 2015 Honda Accord because I’m not paying those payments. That’s insane.”
Other Experiences
Others shared their own shock at current leasing costs.
- “A dealership tried to charge me $750 a month for 60 months on a $26,000 Subaru Crosstrek,” one user said.
- “I was quoted $898/month today for a Grand Cherokee. If I wanted to buy it? $1100/month. I have a 790 credit score and have been leasing Jeeps for years,” another wrote.
Defending the Cost
Not everyone thought $800 for a Wrangler Hybrid was unreasonable.
“The Wrangler Hybrid is a $52–$60k car, so $800 for the lease isn’t unreasonable. If you want the lease payment to stay where it is, stop looking at $50k+ cars,” one commenter pointed out.
A Changing Market
Nicole’s experience underscores a broader shift in the auto market. As leasing costs climb, consumers are being forced to weigh their options more carefully. For those who can’t stomach an $800 monthly payment, buying a reliable used vehicle or extending an existing lease might be the most practical solutions.
While the Wrangler Hybrid may remain out of reach for some, Nicole’s story has sparked an important conversation about affordability and the choices we make in navigating today’s challenging financial landscape.
