Disclaimer: For informational purposes only. Actual lease terms, fees and final payments vary based on dealership, provider and credit qualifications. Always verify exact pricing prior to signing.
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When you’re calculating different car leases to see which will work better for your budget, you can use these examples to help guide your expectations. For car lease A, we used the Toyota Corolla, and for car lease B, we used the Honda Civic.
| Toyota Corolla | Honda Civic | |
|---|---|---|
| Sale price | $27,987 | $30,815.50 |
| Estimated resale value | $15,392.85 | $16,948.53 |
| Down payment | $0 | $0 |
| Sales tax | 13% | 13% |
| Lease term | 5 years | 3 years |
| Interest rate | 6.99% | 3.69% |
| Monthly payment | $379.96 | $344.15 |
| Total cost | $22,797.50 | $20,648.72 |
Based on this example, it can cost around $380 per month to lease a Toyota Corolla, while it can cost around $344 per month to lease a Honda Civic. The Toyota actually costs more in this example despite its lower sale price because it has a higher lease rate.
You can use our lease payment calculator above to work out the cost of a $45,000 car lease. Based on the latest lease offers in Canada, we estimate that leasing a $45,000 car could cost between $470 and $670 per month. As you can see in the table below, the lease term and interest rate you get can both have a major impact on the total cost of leasing a car.
| Car lease offer A | Car lease offer B | Car lease offer C | Car lease offer D | |
|---|---|---|---|---|
| Sale price | $45,000 | $45,000 | $45,000 | $45,000 |
| Estimated resale value | $24,750 | $24,750 | $24,750 | $24,750 |
| Down payment | $0 | $0 | $0 | $0 |
| Sales tax | 13% | 13% | 13% | 13% |
| Lease term | 48 months | 48 months | 48 months | 48 months |
| Interest rate | 3.98% | 0% | 4.99% | 5.90% |
| Monthly payment | $607.42 | $476.72 | $640.59 | $670.48 |
| Total cost | $29,156.37 | $22,882.50 | $30,748.49 | $32,182.96 |
You can also use a lease payment calculator to figure out how much a lease is on a $30k car, but the following example can guide your expectations.
| Car lease offer A | Car lease offer B | Car lease offer C | Car lease offer D | |
|---|---|---|---|---|
| Sale price | $30,000 | $30,000 | $30,000 | $30,000 |
| Estimated resale value | $16,500 | $16,500 | $16,500 | $16,500 |
| Down payment | $0 | $0 | $0 | $0 |
| Sales tax | 13% | 13% | 13% | 13% |
| Lease term | 60 months | 60 months | 48 months | 36 months |
| Interest rate | 4.99% | 5.49% | 4.49% | 1.99% |
| Monthly payment | $363.50 | $374.45 | $416.12 | $467.32 |
| Total cost | $21,809.99 | $22,466.80 | $19,973.54 | $16,823.47 |
Based on this example, it can cost around $360 to $500 per month to lease a $30,000 car.
You can use a lease payment calculator to figure out how much a lease is on a $70k car, but here’s another example to guide you.
| Car lease offer A | Car lease offer B | |
|---|---|---|
| Sale price | $70,000 | $70,000 |
| Estimated resale value | $36,200 | $36,200 |
| Down payment | $0 | $0 |
| Sales tax | 13% | 13% |
| Lease term | 24 months | 24 months |
| Interest rate | 1.90% | 0.99% |
| Monthly payment | $1,580.19 | $1,533.70 |
| Total cost | $37,924.49 | $36,808.79 |
Based on this example, it can cost around $1,500 per month to lease a $70,000 car.
The interest rate you’re charged on a car lease will depend on what you can qualify for based on factors like your credit score and income. In general, you can expect to pay a car lease interest rate of anywhere between 0% and 7%.
The best way to find out what interest rates you’re eligible for on your car lease is to discuss your options with the dealership you’re interested in. You can then use a Canadian lease payment calculator to work out how much you’ll pay.
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 20+ car loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
When you decide to lease a car, there are other factors to consider than just the interest rate and monthly payment. Insurance, extra mileage and excessive wear can all determine how much a lease can increase by.
How much to break a lease depends on the method you choose. Here’s a brief look at the five ways you can break a lease:
If you prefer to be behind the wheel of the latest car model or only plan on driving a few thousand kilometres each year, a car lease might be right for you. But using a car lease calculator can help you work out how much to lease a car in the short and long term, allowing you to find a lease that works with your budget and lifestyle.
Find out more about what you’ll need to do to take over a car lease in Canada.
Read through our helpful guide and weigh the pros and cons to decide if leasing a car is the right option for you.
Discover these 5 options for when your vehicle’s lease is up.
Consider leasing a used car if you’re on a budget or want to drive a luxury car for less.
Avoid the upfront costs that come with buying a car for your business. Learn about leasing your business’s fleet of vehicles.
