Those in the market for new cars face a barrage of buying and leasing options, which makes pricing very confusing. You probably realize there’s no one answer on how much it costs to lease a car. The answer depends on many variables including the type of car, car options, the length of the lease, market demand and your personal credit history. Still, there are some guideposts you should consider when weighing leasing versus buying.
Related: Car Lease Versus Buy Calculator
To understand the dollars and cents of leasing versus buying, let’s consider the cost of leasing versus buying a 2019 Honda CR-V LX without options. That’s a popular car that tends to hold its value. Again, there are many variables that would impact this deal, but this example shows the money breakdown not including taxes, tags and standard fees. (Also, these examples are for those with strong credit histories.)
How Much Does It Cost to Buy?
You can purchase a 2019 Honda CR-V LX for $25,545, including destination charge.
If you pay cash, that would be the price. And if you finance at 4.5% interest for 36 months with a down payment of $2,699, the total cost is $27,165, so monthly payments equal $680 per month. When the final payment is made, the car is yours to sell, trade or use — at a lower value after three years of depreciation, of course.