Lease vs. buy finance calculator

Written by michael ryan
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A "lease versus buy finance calculator" can help you make the best decision when you are in the market for a new vehicle. Such a calculator allows you to compare your monthly expenses for leases and purchases, under a variety of terms.

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Function

A lease versus buy calculator calculates and displays monthly payments. You can adjust variables to determine which choice gives you the best overall value. The calculator linked below is a good tool to use when comparing a lease and a purchase.

Features

To use a lease versus buy calculator, you simply input the manufacturer's suggested retail price, selling price, residual value, lease terms, and interest rates for lease and buy transactions.

Information

In order to get the information necessary to compare lease and buy payments, you will need to have a contact at a dealership. Websites like Autobytel.com and CarsDirect.com will put you in touch with dealerships that offer this information for their Internet clients.

Benefits

A calculator allows consumers to make the best choice for them. While some buyers prefer the lower payments of leasing, other buyers are more interested in the pride of ownership and the ability to modify their vehicle.

Considerations

For many drivers, a lease allows them to drive a more expensive vehicle than they could otherwise afford. However, for high-mileage drivers, a lease may not be the best choice, as excess mileage charges and wear-and-tear fees can add up.

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