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Lease vs. Buy Definition
Deciding to acquire a new vehicle is a major financial investment that requires a great deal of research. Once you narrow down the brand, type, and style of the vehicle that you want, you still must decide if it makes good financial sense to buy or lease a vehicle. By just entering a few key pieces of information, our lease-vs-buy-calculator can help you quickly assess the quantitative benefits of leasing or buying a vehicle. Here is how it works.
Common Variables of Leasing a Vehicle
The monthly payment of a lease is one of the most important factors to consider when contemplating leasing a vehicle. This variable is needed to establish a monthly budget, and it is used to determine the actual cost of leasing a vehicle. However, a low monthly payment alone does not necessarily make for a great deal; the time of the lease must be known as well.
The time period or term of the lease puts a reality check on the monthly payment price. For example, a modest monthly lease payment of $180 is not so great of a financial deal if the lease time frame is very lengthy. The lease security deposit helps to complete the picture of the total cost of leasing a vehicle.
Factors to Consider When Buying a Vehicle
The purchase price of the vehicle is fairly straightforward and leaves no room for surprises about terms of leases. Automobiles purchased in the United States are normally subject to state and local taxes so at least the state’s tax rate should be researched. The annual percentage rate (APR) is rate of interest to be paid on the loan, and it can be either fixed or variable. The last car buying variable is the remaining value of the vehicle after the loan repaid. This is one of the most distinctive differences between buying and leasing.
Manipulating the Numbers for Options
One of the beauties of using the lease-vs-buy-calculator is its near real-time assessment ability that flexibly allows users to enter and modify variable values as needed. People doing their car shopping at dealerships should bookmark this important resource. The tool can help a person to negotiate better prices and terms when dealing with wily salespeople. Car buying customers use the lease-vs-buy-calculator to help them make correct, timely decisions in the showroom. The tool also inspires the exercise of one’s critical thinking skills that could lead to innovations in process improvement.
Although the basic features of the lease-vs-buy-calculator are adequate for many customers, a customized solution may serve you and your customer base better. Examples of these custom features include adding a field for sign up fees for leased vehicles. Additionally, leased vehicles are not immune to taxes so a field incorporating tax for leased vehicles is needed.
The lease-vs-buy-calculator is a great tool for personal purchasing decisions, and it is also a valuable resource that will keep visitors coming back to your site. The tool may be directly placed on your site, or it may be customized with other variables that you and your customer base deem important.
How to Calculate Lease vs. Buy
Let's be honest - sometimes the best lease vs. buy calculator is the one that is easy to use and doesn't require us to even know what the lease vs. buy formula is in the first place! But if you want to know the exact formula for calculating lease vs. buy then please check out the "Formula" box above.
Add a Free Lease vs. Buy Calculator Widget to Your Site!
You can get a free online lease vs. buy calculator for your website and you don't even have to download the lease vs. buy calculator - you can just copy and paste! The lease vs. buy calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the "Customize" button above to learn more!