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Want to know how much you’ll pay each month? Divide the total cost by the number of payments on your lease.
When you’re comparing different leases to see which will work better for your budget, you can use these examples to help guide your expectations:
Car lease offer A | Car lease offer B | |
---|---|---|
Sale price | $25,000 | $20,000 |
Estimated resale value | $16,000 | $12,000 |
Down payment | $2,000 | $1,500 |
Sales tax | 7.25% | 7.25% |
Lease term | 2 years | 3 years |
Interest rate | 3.99% | 6.5% |
Monthly payment | $382.35 | $282.24 |
Total cost | $9,176.40 | $10,160.64 |
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 increase the price of your vehicle.
If you prefer to be behind the wheel of the latest car model or only plan on driving a few thousand miles each year, a car lease might be right for you. But calculating how much it will cost you in the short and long term can help ensure you find a lease that works with your budget and lifestyle or check out these tips to score a competitive deal on a car lease.
You can read our guide to leasing versus financing a car to learn more about your options.
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