3 LEASES VS 1 BRAND NEW VEHICLE OWNING FOR 9 YEARS
Lease. MSRP is $45,000 and payment is $450/month. On a lease quote, taxes, interest, fees, everything is all included in the final payment
$450/month x 36 months x 3 vehicles = $16,200 x 3 = $48,600
let's just say $1,000 down payment each time so $3,000 and total now of $51,600
2 NYS inspections per lease at $21/per so 6 NYS inspections is $126.
2 full synthetic oil changes per year and say you rotate tires as well. Call it $100 service. Top off fluids 25 point multi point inspection. $200 per year times 9 is 1800
51,600 is price of down payment and lease payments per month plus 1926 which is oil changes for 9 years and NYS inspections
$53,526 roughly total cost of 3 new vehicles paying $450/month on a lease plus maintenance
Owning
Price of new vehicle is $45,000. 7% sales tax where I personally live...$3,150 added into price. $15,000 down payment. 60 months 2.99% APR.
Financing 33,150 over 60 months at 2.99% interest is $595.51/month.
The total interest paid over that time is $2,580.60 for a total of payments of $35,730.60
Take the total of payments plus your down payment of $15,000 which equals $50,730.60
Now add in service, so 8 NYS inspections (1st is included) at $21 is 168 and again say 2 oil changes per year like on the lease. so $200 times 9 years is 1800 so total of 1968, basically same on lease minus 2 NYS inspections
50,730.60 + 1968 = 52,698.6
Now you own the same vehicle for 9 years. You are an average driver, you drive 12k miles a year and you are able to go 4 years on your brakes and tires...roughly 50K miles. Now you need to purchase new brake pads, brake rotors, and rubber X2.
This is under estimating, but call it $1,000 for new tires and $1,000 for brakes and let's say that includes install. So $2000 for brakes and tires but you do that every 4 years. So $4000 in total.
Now I'm at 56,698.60
And this doesn't include any extra maintenance, no warranty work, no fluids, no new wiper blades or oil pans, oil filters, no new bulbs or valves or whatever. Just basic and leasing is $3,000 better over 9 years