Buying a new car has never been more expensive. The average new car price now totals almost $50,000 ($48,644), up 26% from just four years earlier, according to automotive research firm Kelley Blue Book. And with higher interest rates, monthly payments have increased significantly. Based on a $50,000 new car purchase at a 7% interest rate over 60 months, you’ll have a whopping $990 monthly payment.

In comparison, the average payment to lease a new car was only $595 earlier this year, according to credit reporting company Experian. That dramatically lower payment has boosted leasing, with almost 25% of new cars leased this year compared with only 19% last year.