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Lease vs. Buy Car Evaluator – What’s the Best Deal for You?

Trying to decide whether to lease or buy a car? Both options have pros and cons, but the right choice depends on your budget, driving habits, and long-term financial goals. Our Lease vs. Buy Car Evaluator helps you compare lease payments vs. loan costs, factoring in resale value and total ownership expenses.

How the Lease vs. Buy Calculator Works

Simply enter your lease payment details and car purchase costs, including:

✅ Monthly lease payment and term
✅ Loan interest rate and loan term
✅ Down payment for lease vs. car purchase
✅ Estimated resale value after 5 years

Our tool will calculate the total cost over 60 months, assuming you would continue leasing a new car after your current lease ends. It then compares it to the full purchase cost minus the resale value to see which option saves you the most money.

Lease vs. Buy Car Evaluator

Lease Inputs

Lease Monthly Payment ($):

Lease Term (Months):

Lease Down Payment ($):

Buy Inputs

Car Purchase Price ($):

Loan Term (Months):

Interest Rate (%):

Estimated Resale Value After 60 Months ($):

Understanding Your Lease vs. Buy Results

After entering your numbers, the evaluator will show:

💰 Total lease cost over 60 months
🚗 Total cost of buying (including resale value deduction)
📊 Side-by-side cost comparison with a pie chart
✅ A verdict on whether leasing or buying makes better financial sense

Should You Lease or Buy? Pros and Cons

🚗 Benefits of Leasing

✅ Lower monthly payments vs. financing a new car
✅ Ability to drive a new car every few years
✅ Covered by warranty for most of the lease period

⚠️ Downsides of Leasing

❌ No ownership – always making payments
❌ Mileage limits and wear-and-tear fees
❌ Long-term leasing can be more expensive than buying

🏆 Benefits of Buying

✅ You own the car after paying off the loan
✅ No mileage restrictions or lease-end fees
✅ Better long-term value due to resale potential

⚠️ Downsides of Buying

❌ Higher monthly payments compared to leasing
❌ Depreciation affects resale value
❌ More out-of-pocket maintenance costs after warranty expires

Final Verdict: Which Option is Best for You?

The best option depends on your personal situation. Here’s a quick guide:

🔹 Lease if: You prefer lower payments, love driving a new car, and don’t mind never owning.
🔹 Buy if: You want long-term savings, plan to keep your car for years, and want to build equity.

Use our Lease vs. Buy Car Evaluator above to compare your numbers and find out which option truly saves you more money! 🚗💰