![]() References to products, offers, and rates from third party sites often change. Should you need such advice, consult a licensed financial or tax advisor. This site may be compensated through the bank, credit card issuer, or other advertiserĭisclaimer: The content on this site is for informational and educational purposes only and should not be construed as professional financial advice. Opinions expressed here are author's alone, not those of the bank, credit card issuer, or other advertiser, and have not been reviewed, approved or otherwise endorsed by the advertiser. MoneyUnder30 does not include all companies or all offers available in the marketplace.Įditorial Disclosure: This content is not provided or commissioned by the bank, credit card issuer, or other advertiser. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). How Much Can You Afford to Spend on Your Next Car?Īdvertiser Disclosure: The offers that appear on this site are from companies from which MoneyUnder30 receives compensation.Is It Better to Buy or Lease a New Car?.We can’t tell you whether you should buy or lease a car, but this calculator can give you an accurate understanding of the costs associated with each. Personal finance is personal, as we like to say around here. We also assumed a 15% depreciation of your car per year, and a 60% residual percentage (the value of your vehicle after your lease ends). We assumed that by leasing you could earn 3% ROI (a conservative estimate) with the extra money you would have spent on buying the car. Therefore, high mileage will affect both cars equally and for this reason is not considered in our calculations. High mileage on a leased car will lead to overage fees, but high mileage on an owned car will accelerate depreciation. The calculator assumes equal wear and tear, registration fees, and fuel costs for both buying and leasing. ![]() The buy option assumes you keep the same car for ten years the lease option assumes that you lease a new car at the end of each leasing period. The results in the Summary section will show you both the total cost to buy and lease over the next ten years. Under Lease Option, fill out the same fields, plus the security deposit. Under Buy Option, select your loan term, the interest rate you’ll be paying, and any additional fees you might pay. ![]() ![]() Enter its purchase price, the amount of cash you can put together for a down payment, and the sales tax rate in your state. Buy Calculatorįirst, fill out basic information about the car you’re buying. ![]()
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