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The average monthly payment for a super prime lease, in New Jersey, in the first quarter of 2022 was $505. Aim for a monthly payment around that amount and try to keep your total car expenses at or below 20% of your monthly income.
Leasing a car is much cheaper than buying it outright, because you’re only paying a percentage of the total price. You won’t have to worry about fetching a good price or finding a buyer for it when you’re done, as the dealership will take it back from you.
How much is tax on leased car in NJ?
Also included is the 6.625 % New Jersey Use Tax. This is similar to a down payment. This can include amounts to be paid in cash, non-cash credit, rebate and/or trade-in allowance. Since this reduces the monthly lease payments, it is taxable, except for the trade-in, which is not taxable.