Yes, you can find 72-month car leases, but they are a poor financial choice for most people. A standard car lease is typically 24 to 36 months, aligning with a new car's bumper-to-bumper warranty period. A 72-month (6-year) lease stretches this commitment far beyond the norm, often resulting in you paying for the car's most significant depreciation twice without ever owning it. You'll likely face higher monthly payments compared to a purchase loan and be locked into mileage restrictions and wear-and-tear guidelines for an excessively long time.
The primary issue is negative equity. A car's value drops fastest in its first few years. A lease calculates your monthly payment based on this predicted depreciation. Over six years, the car will be worth very little, but the leasing company still needs to guarantee its future resale value (the residual value). To protect themselves, they set a very low residual value, which dramatically increases the amount you pay to "depreciate" over the lease term. This often makes the monthly payment surprisingly close to a purchase loan payment, but without the benefit of building equity.
Furthermore, you'll be exposed to long-term risks. Most factory warranties expire well before a 72-month term ends. You could be responsible for major repairs on a car you don't own. You're also committing to potential excess mileage fees and wear-and-tear charges far into the future.
| Consideration | 36-Month Lease | 72-Month Lease |
|---|
| Typical Warranty Coverage | Often fully covered | Likely expires mid-lease |
| Total Lease Cost | Lower total cost | Higher total cost |
| Monthly Payment | Higher than a 72-mo loan | Lower than a 36-mo lease, but high for a lease |
| Mileage Risk | Manageable 3-year limit | High risk of exceeding 6-year limit |
| Flexibility | Return or upgrade in 3 years | Locked in for 6 years |
| Equity Building | None | None |
A 72-month auto loan is a more straightforward path to ownership if you need a lower monthly payment. If leasing is a must, a shorter term is almost always financially smarter, giving you more flexibility and protection.
