Lease vs Buy Calculator
Compare the costs of leasing versus buying a vehicle with our comprehensive calculator. Determine which option is more financially beneficial based on your specific situation and financial goals.
Step 1: Purchase Details
Understanding Purchase Costs
Buying a vehicle means you own it outright after paying off the loan. You’ll have equity in the vehicle and no restrictions on mileage or modifications.
Step 2: Lease Details
About Leasing
Leasing typically offers lower monthly payments but you don’t build equity. At the end of the lease, you return the vehicle and may have to pay for excess mileage or wear and tear.
Lease vs Buy Results
Recommended Option
Cost Comparison Over Time
| Year | Cumulative Buy Cost | Cumulative Lease Cost | Difference |
|---|
Cost Breakdown
Key Considerations
When to Buy
Buying is typically better if you plan to keep the vehicle long-term, drive more than average miles, or want to build equity in the vehicle.
When to Lease
Leasing may be advantageous if you prefer lower monthly payments, want to drive a new vehicle every few years, or can deduct lease payments for business use.
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