The car industry has gone through many changes, setbacks, and breakdowns during the pandemic.

And remember when we thought the following years would bring some semblance of stability to the industry? Seems like it’s not happening, after all. Experts claim now’s the worst time to get a new car–the Vice President of Data and Analytics at J.D. Power, Tyson Jominy, states that this is a ‘staggeringly poor time to be leasing’ and it is to stay that way for the foreseeable future.

Here are some reasons why leasing a new car should not be on your list for the foreseeable future.

1. No Decent Incentives

Car purchases in pre-pandemic times came with low monthly payments, which was the main selling point for leasing a new car. However, that changed when computer chips went out of stock and supply became inconsistent. This led to companies shrinking incentives for new car leases. J.D. Power states that the leasing companies previously used to provide $4000 in incentives but now, this number has dropped drastically to just $1500.

Antoni Shkraba/Pexels | So you might want to hold on to that new car dream no matter how tempted you might be

2.  Less Miles For Your Money

Leasing companies are not only lowering incentives but are also cutting down on the number of miles you can drive without being subjected to penalties. Just a few years ago, this number was 12,000 miles every year. But now, leases come with only a 10,000-mile limit. Not only is this a major cut but it also means that if you go over the limit, you’ll be charged 30 cents for every mile.

Pixabay/Pexels | This might not sound like a lot but when it adds up on the lease, you won’t be too happy about it

3. Brace Yourself For Depreciation

Thanks to the shortage of new cars in the market, the prices of old cars have increased significantly, to the point that they are either reaching or exceeding their original payment. The price of an American-made car from 5 years ago has gone up by 30% and with this in mind, one would assume that less depreciation would lead to cheaper lease payment but that is not the case. In the end, it all boils down to the fact that they don’t have much incentive to provide.

Gustavo Fring/Pexels | You might want to stick with your current ride for a bit longer

In the end, it all depends upon your circumstance. If you can brush aside these problems, you have reason to move forward with your exciting new purchase.