Buy or Lease a Car (Vehicle)?
When we plan to acquire a car, a truck or any other kinds of vehicle, we always wonder what cost the most between financing and leasing. Financing is like a mortgage; you make payments on the vehicle until the balance reach $0.00, and the car is yours at the end. In the case of long term leasing, you make payments to use the vehicle during the term. At the end, you don't own the vehicle but you have an option to buy it. The buying option is established on a lease contract and is call the residual value. The one who leases pay during the term the equivalent of the amount to finance minus the residual value, plus the other costs.
Please change the suggested values with your own in the blue text boxes.
Our financial calculators start with default values to suggest what to enter typically in each modifiable field, displayed as blue text boxes, in order to simulate a common scenario. Please change those values with your own. To keep track of your changes, the blue box will turn gray after they are modified.
You will also notice that our calculators behave like financial applications and recalculate automatically all values with each change instead of having to click on some extra button or going to a new result page, this is intentional and helps understand the effect of one change with the overall result in a more dynamic and instantaneous manner.
However, charts in our older calculators are not updated automatically, so if there is an "Update" button next to the chart, make sure to click on it after you make a change before you analyze it.