Auto Lease vs. Buy Calculator

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Car shoppers have two options when bringing home a new set of wheels. They can either lease a car or buy a car. Both options offer their own unique set of benefits, however, it's important you understand both choices fully before making your final decision. If you're deciding between leasing or buying, Mission Fed Credit Union is here to help. Use this Lease vs. Buy Car Calculator to calculate your monthly payments and total net cost. By comparing these amounts, you can determine which is better for you.

When you are looking for a new car, one of the first questions you should ask is, "Should I lease or buy?" Our Auto Lease vs. Buy Calculator will help you make that decision.

Car leasing means that you pay a monthly fee to rent a car for a set period of time, usually anywhere from 24 to 42 months, and with a set annual mileage limit, usually between 8,000 to 15,000 per year. After the lease is up, you return the car. In this case, the money you spend on a monthly payment does not go towards ownership (unless you choose to work that into your agreement).

When you finance a car with an auto loan, you make monthly car payments for a period of usually 36 to 84 months, after which you own the vehicle and can do with it what you please. Buying a car gives you complete ownership once you have paid off the original loan.

With the varying lengths of loan and lease terms, residual values, maintenance and other fees, it can be initially challenging to determine which financing option makes the most sense for you.

To help you calculate your options, we've created this Lease versus Buy Car Calculator that shows you the costs side by side so that you can compare the two.

The auto loan portion of the calculator takes into account the purchase price of the car, the sales tax, any rebates, other fees, loan length, down payment, interest rate and vehicle depreciation to determine the costs of your car purchase. Then, you can input the price of the lease, including the down payment, monthly car payments, length of the lease and any other lease fees. You can compare the two options side by side to see how much each option will cost you each year and the total costs until the end of the lease term. The easy-to-read cost price comparison can then help you decide whether to purchase or lease a car.

When it comes to the lease vs. buy decision, our Car Lease vs Finance Calculator is one tool that allows you to see which option may be best for you in the moment. Once you've made your decision, apply for a Mission Fed Auto Loan with Mission Fed Bottom Line Rates Every Day. You can also benefit from our partnership with Autoland for a seamless car-buying experience. Whether you decide to lease or purchase your car, having Mission Fed by your side makes for a smooth ride. Test out our Auto Lease vs. Buy Calculator today to see which option is best for you.

Rates and Terms will vary based on collateral and credit. Programs, rates, terms, conditions and services are subject to change without notice. All accounts and loans are subject to approval.

Interactive calculators are made available as self-help tools, and we cannot and do not guarantee their accuracy or applicability to your circumstances. All examples are hypothetical and are for illustrative purposes only. Calculators are not intended to provide investment advice, and we encourage you to seek personalized advice from qualified professionals regarding all your personal financial issues.

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