A lease will usually look like a more attractive option when compared to a vehicle purchase when measured over a comparable term as you are only financing the amount of vehicle you “use” during the lease term.

Keep in mind that with a lease, you will have to return the vehicle at the end of the lease term, whereas if you buy, you will own the vehicle and will be able to continue driving it after the term expires.

As you change the values on the left, the calculator will show on the right side the difference between the purchase and lease options. This view is a great way to see the amount of savings that leasing may provide.

The amount of savings, however, depends on some factors, such as the residual value of the car you intend to purchase, the amount of money you pay up front (often called a capitalized cost reduction), and the cost of financing (money factor). The money factor is a value you can get from the dealer, or you can divide prevailing new auto loan rates by 24 to use a very rough estimate.

New/Used Auto Lowest APR Rates 

Table comparing different rates
Effective date: March 15, 2024 Lowest APR
New Auto 6.49%
Used Auto 6.74%

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