When looking to get a new car a person has to decide if they are going to buy or lease it. There are advantages and disadvantaged to both. A person is looking for the option that will allow them to drive a reliable vehicle when saving money. To help with this decision there is a buy vs lease car calculator on Excel.
This template is free to use and will help a person figure out what option best fits their budget. The buy vs lease car calculator can be customized so a person is able to fill in their own information. Since this buy vs lease car calculator is on Microsoft Excel, all the costs will be automatically calculated so a person can see what option will be the least expensive. This calculator is easy to use and can be downloaded for free right here.
Using the Buy vs Lease Car Calculator
There are two different sheets a person needs to fill out when using the buy vs lease car calculator. When filling out the lease sheet a person has to enter:
- The suggested retail price of the car and the price for tax and tag.
- The refundable security deposit is then entered.
- There are also areas to enter the payment for the first month as well as the capital cost reduction payment.
- Detailed lease information is entered including the last month payment, selling price of the car at the end of the lease, monthly payments, lease terms and additional costs.
For purchasing a car the calculator has additional sections. A person will enter:
- The retail price of the car as well as cost of taxes and tags.
- The down payment cost will be entered.
- A person will then enter the resale value, monthly payments and the terms of the loan costs.
- A person will also enter their financing information as well as the percentage rate of the loan.
The buy vs lease car calculator will then calculate the amount of tax a person will have to pay and will show what is the better deal. This calculator will show a person is they will spend more money purchasing a car or if they are better off leasing the same vehicle.
Download: Buy vs Lease Car Calculator