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Should I buy or lease a car given that its not a super luxury car and I only drive 15 miles/d on avg?
Leasing is not exactly a scam, but it doesn't seem to be the right product for you.  The point of leasing over buying is that it turns the capital purchase of a car which needs to be depreciated for tax purposes into what is effectively a rental expense.  Rent is an expense that can be deducted directly without depreciation.   If you are not operating a business where you can take advantage of leasing's tax advantages, leasing is probably not for you.  Because of the tax advantages, a lease can be more profitable for the car dealer.  They can get a commission or finder's fee on the lease as well as the commission on the car sale.  That extra profit comes from somewhere, presumably from you.  If a business, you can then pass part of that to the government.  As an individual, you lose that advantage.   At this point, the best financial decision that you could make would be to buy out the lease on your current car.  Lease prices are set based on the assumption that the car will have been abused during the course of the lease.  If you are driving the car less than expected, its value is probably higher than the cost of buying out the lease.  If you buy that car, you can drive it for years.  Save up some money and buy your next car for cash rather than using financing.   Of course, if you really want a new car and can afford it, you may not want to buy out the lease.  That is of course your decision.  You don't have to maximize your current financial position if buying a new car would return more satisfaction for the money in the long run.  I would try to avoid financing for what is essentially a pleasure purchase though.