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Family & Home

Should I Lease or Purchase An Auto?

Good (245 Ratings)

2.212242/5

Leasing has become a very popular method of acquiring a new auto. Although the payments may seem attractive, it may not always be the best financial decision versus purchasing the vehicle outright and financing it with a low interest loan. Use the following calculator to help analyze the financial impact of lease versus buy.

Common Assumptions	Input
Down payment (capital reduction)	(0-9999999)$
Number of months	(1-360)
Rebate amount	(0-9999999)$

Lease Information	Input
Monthly payment amount	(0-9999999)$
Security deposit/leasing fee	(0-9999999)$

Purchase Information	Input
Purchase price	(0-9999999)$
Sales tax rate: (%)	(0-50)%
Other upfront costs	(0-9999999)$
Annual percentage rate on loan: (%)	(0-30)%
Market value of vehicle at end of loan	(0-9999999)$

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Common Assumptions	Input
Down payment (capital reduction)
Number of months
Rebate amount

Lease Information	Input
Monthly payment amount
Security deposit/leasing fee

Purchase Information	Input
Purchase price
Sales tax rate: (%)
Other upfront costs
Annual percentage rate on loan: (%)
Market value of vehicle at end of loan

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{ "fields" : { "udata" : [ "downPayment" , "termMonths" , "rebate" , "leasePayment" , "leaseDeposit" , "purchasePrice" , "salesTax" , "purchaseCosts" , "loanRate" , "residualValue" ] } }

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This calculator is provided by Financial Calculators, Inc., and is intended solely for general information and educational purposes. You should not take any action on the basis of the information provided through this calculator. Please see the disclaimer for further information and limitations.

Rate This calculator

Good (245 Ratings)

2/5

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Rates

See today's average rates across the country.

• Mortgage

  Loan Type	Today	Last Week
  30 Year Fixed	5.02%	4.98%
  15 Year Fixed	4.55%	4.54%
  1 Year ARM	3.93%	3.92%
  30 Year Fixed Jumbo	5.89%	5.86%
  5/1 ARM	4.18%	4.09%
  3/1 ARM	4.73%	4.95%

  Source: Bankrate
• Home Equity

  Loan Type	Today	Last Week
  $30K Home Equity Loan	8.35%	8.30%
  $50K Home Equity Loan	8.21%	8.16%
  $75K Home Equity Loan	8.24%	8.19%
  $30K HELOC	5.22%	5.20%
  $50K HELOC	4.95%	4.93%
  $75K HELOC	4.96%	4.94%

  Source: Bankrate
• Savings

  Savings Type	Today	Last Week
  6 month CD	1.12%	1.13%
  1 year CD	1.56%	1.59%
  3 year CD	2.24%	2.27%
  MMA	1.03%	1.04%
  $10K MMA	1.11%	1.11%
  $25K MMA	1.32%	1.32%

  Source: Bankrate
• Auto

  Loan Type	Today	Last Week
  36 Month New Car Loan	6.67%	6.69%
  48 Month New Car Loan	6.79%	6.81%
  60 Month New Car Loan	6.83%	6.86%
  72 Month New Car Loan	6.12%	6.26%
  36 Month Used Car Loan	7.15%	7.21%
  48 Month Used Car Loan	7.02%	7.09%

  Source: Bankrate
• Credit Cards

  Card Type	Today	Last Week
  Business Credit Cards	9.49%	9.49%
  Low Interest Credit Cards	11.65%	11.65%
  Balance Transfer Credit Cards	12.07%	12.07%
  Cash Back Credit Cards	12.08%	12.07%
  Reward Credit Cards	13.29%	13.29%
  Instant Approval Credit Cards	13.32%	13.32%

  Source: CreditCards.com

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