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Lease Vs. Purchase A Car
Before you can compare the options, you need to first decide whether you would like to lease or buy the next car. Utilize this calculator to figure the most suitable option for you and estimate savings potential. Simply input the purchase price and the deposit to determine estimated monthly payments and net cost.
Find out your savings potential major decision to make is whether to purchase or lease a car. This tool will calculate the monthly installments and the net cost. By comparing these amounts and comparing them against each other options, you will be able to determine which is the best option for you.
Definitions
PURCHASE PRICE
The total cost of purchase. Price should be after any manufacturer's rebate.
DOWN PAYMENT
A down payment. For leases is usually referred to as capital reduction.
SALES Tax Rate
Percentage sales tax to be charged for the purchase. Sales tax is included in each lease payment. Tax on sales for purchases is imposed on the entire purchase amount.
INVESTMENT RATE of RETURN
Return on investment. This is the return that you would make when you invest your down payment or security deposit instead of using it for the auto purchase or lease. The actual amount of returns is largely dependent on the type of investments you pick. The Standard & Poor's 500(r) (S&P 500(r)) for the 10 years ending December 31 st 2016 earned an annual compounded rate of return of 6.6%, including reinvestment of dividends. From January 1, 1970 to December 31 st 2016, the average annual compounded rate of return for the S&P 500(r), including reinvestment of dividends, was approximately 10.3% (source: http://www.standardandpoors.com). Since 1970, the highest annual return of 61% was recorded in the 12 months prior to it (June 1982 through June 1983). The lowest return of 12 months was 43% (March 2008 through March 2009). Savings accounts at an institution can offer as low as 0.25 percent or less, but carry significantly lower risk of losing principal balances. It is important to remember the fact that all of these situations are only hypothetical and that the future rates of return can't be predicted with certainty and that investments that pay higher returns generally come with higher risk and greater volatility. The actual rate of return on investments could vary significantly over time, particularly for long-term investments. This is due to the possibility of losing of principal on your investment. It is not possible to invest directly in an index, and the compounded rate of return noted above is not reflected in sales charges and other fees that Separate Account investments funds and/or investment companies may charge.
LOAN TERM IN MONTHS
Term in months for your car loan. Typically this is 36, 48, 60 or 72 months. If your loan term is longer than the lease term then we will evaluate the buy vs lease options to the time the lease expires. We then apply the remainder of your loan term to determine your remaining loan amount.
LOAN INTEREST RATE
Annual interest rate for your loan.
Other fees
Any fee, other than the capital reduction or down payment, that must be paid at the time of purchase. This can include license fee for title transfer, and so on.
ANNUAL DEPRECIATION
The rate of depreciation gauges the speed at which your brand new vehicle is going to lose value. A high depreciation rate is around 20 percent per year, a medium is around 15 percent per year, and the lowest is 10% per year.
MARKET VALUE OF VEHICLE
Value of your auto after lease term completed.
NET COST OF BUYING
This is the total cost of buying your vehicle. This is calculated as the following: + Total upfront expenses (down payment plus other costs) + lost interest outstanding loan amount at the time lease expires. Market value of vehicle when lease expires = Net cost of purchase The loss of cost of your purchase in interest includes any interest you would have earned at your investment rate of return the purchase option's down payment as well as other fees. If the monthly installment for leasing is less than the monthly payments for buying, this also includes any lost interest because of the larger monthly installments. In the event that leasing becomes more expensive than purchasing, your cost of interest for purchasing is decreased by the amount of interest you'd earn on the difference.
LEASE TERM IN MONTHS
Term in months for your lease.
Lease TERM IN MONTHS
Annual interest rate for your lease.
Other fees
Any fee, other than an capital reduction or a down payment, which must be paid at the close period of lease. This can include license charges, title transfer fees etc.
Percentage of RESIDUAL
In the case of leases, this is the remaining value after the lease term expires. The higher this amount the more affordable your lease payment will be.
SECURITY DEPOSIT
Security deposit that is refundable at moment of leasing. We assume that security deposits is fully refunded by the time the lease comes to an end.
NET COST OF LEASE
This is the total cost of leasing your vehicle. This is calculated by total up-front expenses (capital reduction and other fees) + Total lease payments + Lost the interest earned on lease = Net Cost of Lease loss of interest on your lease will include the interest you earned at your investment rate of return on leasing options' down payment and security and other charges. Please see the definition for "Net cost of purchasing" for an explanation on how we account for the interest you could get from having a lower monthly lease payment.
How to calculate potential savings In order to determine if purchasing or leasing your next vehicle is right for you, you must first enter the vehicle information. This includes the price at which you purchase the vehicle and down payment for the vehicle along with the expected rates of sales taxes. Once the calculator has gathered those starting numbers check the net cost for leasing or purchasing the car. Then , enter the anticipated term and the interest rate for both. The net price of buying is calculated by adding upfront costs -- down payment, taxes and fees -- loss of interest, as well as the value that the marketplace assigns to the vehicle. Compare this number with the cost of the lease that is the sum of the upfront costs, lease payments and the loss of interest on the lease. Check out these two numbers visualized on the graph to determine which one is more affordable.
Definitions of leasing and buying
Annual depreciation Rate The rate of depreciation determines the speed at which your brand new car will lose its market value. A high rate of depreciation is around 20% per annum, medium is 15 percent per year and low is 10 percent per year.
Down payment Amount that is paid as a down payment, that for leases is usually called a capital reduction.
Investment rate of return Rate of returns on investments. This is the return that you could earn if you were to put your down payment or security deposit rather than using it to finance the purchase of your car or leasing. The actual return on investments could vary over time, and this is especially true when it comes to long-term investments. This includes the possibility of losing of capital on your investment.
Lease interest rate Annual rate of interest for the lease.
Lease term in months in months for your automobile lease.
Interest rate on loans Annual rate of interest on your loan.
A loan term in months duration in months for your auto loan. Typically this is 36 60, 48 or 72 months. If your loan period is longer than your lease, we compare the buy option against lease options up to the time the lease expires, and then we use the remainder of your loan term to calculate your remaining loan amount.
Market value of vehicle Value of your car after the lease term has ended.
Net cost of leasing This is the total cost of leasing your car. This is calculated using: Total upfront costs (capital reduction plus other charges) + the total amount of lease payments and lost rental interest = Net cost of lease. The loss of interest on leases includes the interest you would have earned at the rate of return you earn on the lease option's initial payment as well as security deposit and other fees.
Net price of purchase It is the total price of purchasing your vehicle. This is calculated by: Total upfront costs (down payment plus other fees) + lost interest outstanding loan balance at time lease expires - Market value of the vehicle at the time lease ends = Net cost of buying The lost interest on your purchase includes the interest you could have earned on your investment rate of return on the purchase option's down payment and other fees.
Other fees Any cost, other than a capital reduction , or down payment, that is required to pay at time of purchase or close to the term of lease. This can include license fees, title transfer fees and other similar costs.
Purchase price Total purchase price. Price must be before any rebate offered by the manufacturer.
Residual percent For leases, it's the value left when the lease expires. The more you pay, the lower your lease payments will be.
Sales tax rate Sales tax Percentage to be charged for this purchase. The sales tax will be included into every lease payment. Tax on sales for purchases is added to the total value of the sale.
Security deposit Deposit for security that is refundable required at time of lease. We presume that security deposit is completely refunded when the lease ends.
Do you prefer to lease or buy the car? The choice to the next car you purchase depends on how many distances you'll be driving and the amount you're willing to invest. There isn't a definitive standard to follow when choosing the best car, but it rather takes some reflection on your driving habits and budget. The cost of a car will be less monthly and also gives you the chance to get behind the wheel of a nicer car. However, it also means that you have to travel limitations and limitations on the car. This puts you in full control of the vehicle, so you won't have to worry about keeping the track of the mileage on the odometer or additional costs for wear and tear on the vehicle.
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