How to Use the Lease Calculator?

The Lease Calculator is designed to help you calculate different aspects of vehicle leasing with ease. This guide will walk you through each calculator type, explain the input fields, and show you how to understand the results.

Monthly Lease Calculator

This calculator helps you determine the monthly lease payment based on your vehicle’s price, the lease’s residual value, the term length, and the money factor. Follow these steps to use it:

1. Select the Monthly Lease Calculator Tab
   Click on the Monthly Lease Calculator tab to access this calculator.
2. Enter the Vehicle Price
   • Input the total cost of the vehicle you wish to lease. The default is set to $30,000, but you can adjust it according to your vehicle’s price.
3. Enter the Residual Value (%)
   • Enter the residual value as a percentage, representing the estimated value of the vehicle at the end of the lease term. The default is 50%.
4. Enter the Lease Term (Months)
   • Input the number of months you’ll be leasing the vehicle. Most common terms are 36 months, but you can change this as needed.
5. Enter the Money Factor
   • Enter the money factor, which represents the interest on the lease. This number is usually a decimal, such as 0.002. If you are unsure, consult your dealer for this value.
6. View the Results
   • Once all values are entered, the tool will instantly calculate and display your Monthly Payment and Total Lease Cost at the bottom of the tab.

Mileage Limit Calculator

The Mileage Limit Calculator allows you to estimate costs based on mileage overages beyond the lease terms. To use this calculator:

1. Select the Mileage Limit Calculator Tab
   Click on the Mileage Limit Calculator tab.
2. Enter the Annual Mileage Limit
   • This is the number of miles allowed per year under your lease. The default is 12,000 miles.
3. Enter the Lease Term (Years)
   • Input the lease term in years (typically 3 years). Adjust as necessary for your lease period.
4. Enter the Excess Mileage Charge ($)
   • Enter the fee charged per mile if you exceed the annual mileage limit. A typical charge is $0.25 per mile.
5. View the Results
   • Based on the values entered, the calculator will show your Total Allowed Miles and the Excess Mileage Cost, should you exceed the mileage limit.

Lease vs. Buy Comparison

This tool helps you compare the costs of leasing a vehicle versus purchasing it outright. To use this calculator:

1. Select the Lease vs. Buy Comparison Tab
   Click on the Lease vs. Buy Comparison tab.
2. Enter the Purchase Price
   • Input the total cost of the vehicle you’re considering buying. The default is set to $30,000.
3. Enter the Loan Interest Rate (%)
   • If you plan on financing the purchase, enter the annual interest rate for the loan. The default rate is 3.5%.
4. Enter the Loan Term (Months)
   • Input the loan term in months. The default is set to 60 months (5 years).
5. View the Results
   • The calculator will display the Total Lease Cost and the Total Loan Cost for comparison, helping you to make an informed decision.

Understanding the Results

The tool provides quick and easy-to-read results in a table format at the bottom of each calculator tab. Here’s what each result means:

• Monthly Payment: The amount you’ll pay monthly for the lease, calculated based on your input values.
• Total Lease Cost: The complete cost of the lease over the term, combining both the monthly payments and any additional charges.
• Total Allowed Miles: The maximum miles you can drive over the lease term without incurring extra fees.
• Excess Mileage Cost: The potential cost if you exceed the mileage limit.
• Total Loan Cost: The total you would pay for the vehicle over the loan term, factoring in interest.

Using this tool, you can easily determine the monthly lease payment, calculate potential excess mileage fees, and compare the costs of leasing versus buying. Simply enter your values, review the results, and make an informed decision based on your financial needs.