Lease vs Buy Car Calculator
Deciding to lease or buy a car isn’t an easy choice to make. Our lease vs buy car calculator can help you determine which option is the best fit for your financial needs. Our calculator allows you to evaluate purchase prices, down payments, loan terms, interest rates, and future depreciation in order to make an informed decision on whether or not to lease or buy a car. At Fifth Third Bank, we empower our customers to find the ideal financial solution for their vehicle purchase. Learn more about our auto loan solutions.
Pros and Cons of Leasing vs Buying
One reason deciding between leasing or buying a car isn’t an easy decision is because there are pros and cons to either option.
When you choose to lease a car, monthly payments and your down payment are often lower than buying—and with some leases, no down payment is required at all. You also get to drive a new car that’s under warranty, meaning repair costs are low and you get the latest bells and whistles. On the flipside, you don’t own the car at the end of the lease, your mileage is capped annually, and you could pay more in the long run than if you had bought a car and kept it for the long haul.
When you buy a car, it’s all yours so you can modify it if you want, drive it as much as you want, and sell the car whenever you want. You can also use it as a trade-in on the next car you purchase. In the cons column, you might make a higher down payment and have higher monthly payments, you’ll have to handle all repairs after your warranty expires, and your car will depreciate in value.
Auto Loan Terms and Average Rates
Use these calculators to help determine what vehicle option is best for you.
Find out by calculating price, depreciation, operating costs, and more
Determine your maximum vehicle price and loan amount
Compare the loan term and interest rate of loans