The percentage of people leasing cars is dropping like a rock, according to the Detroit News. Apparently, consumers who’ve been burned once or twice are swearing off car leases. Plus, the automakers were burned as well. The leasing thing ate up everyone except those people who came along and bought the used cars after the lease was up. Four years ago, one out of three cars were being leased. Today, it’s one in 11. Leases account for just five percent of sales for domestic automakers. For the Japanese, it’s nine percent. But European automakers are still leasing vehicles in big numbers. More than one-third of all European brands are still being leased. So, what you need to know is that this year and next year there will still be good deals on cars that are two, three and four years old. The leases made years ago are flooding the market and creating an opportunity as a used car buyer. Looking several years down the road, however, the deals will not be so good. People are leasing cars right now for the longest time periods in history. Many are upside down in their vehicles, so they’re going to have to stick with them for many years. It will starve the used car market starting in about 2006 and 2007. European brands will still be available, though. You’ll continue to find good deals on those cars. But this is great news that people are not leasing as much. Leasing a car is the worst financial circumstance you can be in. It’s a commitment without a way out. And you can be destroyed financially by getting a lease. And if you terminate early, the penalty may exceed what the remaining monthly payments are. So, if it seems appealing, think twice. You can buy a nice luxury car that is two or three years old, and the payment will be about the same as a new car lease payment would be. Then, you can own the thing at the end of the loan.