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Car Lease vs Buy - Cal Poly Pomona

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Brent Groom
David Tran
Luu Tran
Presentation Topics
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Lease vs. Buy Comparison
Sensitivity Analysis
Decision
Resources
Lease vs. Buy Comparison
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Basic Assumptions for 5 years:
Buying
Car (2005) Camry LE V6
Leasing
Camry LE V6
Down
$5000
$5000
Miles
N/A
12,000
Credit
720
720
Leasing vs. Buying
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Basic Research Results
for the Toyota Camry V6 LE
Price
$22,500
Down Payment
$4,700
Nominal interest
6.07%
Leasing vs. Buying
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Basic Research Results:
Buying
Leasing
Monthly
$387
$252
Salvage
$8,800
0
Leasing vs. Buying
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Basic Calculated Results:
Buy
Lease
PMT
$378
$252
Future Value
$32,815
$25,015
Analysis
Buy
Lease
Re-paint
Yes
No
Payment
Higher
Lower
Mileage limit
No
Yes
Salvage value
Get to keep
no
Analysis
Toyota Camry LE V6 Cash Flow Diagram
Leasing
Buying(cal)
S = $8,800
A = $378
$ 4,700
S = $0
n = 60
A = $252
$ 4,700
n = 60
Sensitivity Analysis
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Variables:
- Down Payment
- Leasing term (n)
- Mileage
Sensitivity Analysis
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Varying Down Payment
Down
Payment
0
Buying
PMT
$470
Leasing
PMT
$344
2500
$421
$295
4700
$378
$252
Sensitivity Analysis
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Varying term
Month
Buying
Leasing
36
$595
$372
48
$459
$297
60
$378
$252
Sensitivity Analysis
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Varying the over mileages
Mileages over
Cost/mile
Additional charge
1000
$0.15
$150
2000
$0.15
$300
3000
$0.15
$450
Decision
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Lease or buy, which one is better?
- Lease allow lower monthly payment, always under
warranty, and drive new car every 2 or 3 years.
- Buy allow payment –free for a while, resale the car,
and able to upgrade
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Secret price quote.
Cost of the car that is below the dealer invoice
Decision
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Monthly cost analysis Using EUAC:
Buying: $334
Leasing: $334
Another way of looking at it:
Buy
Lease
Difference
Monthly Payment
$378
$252
$126
Salvage
$8800
0
In order to make $8800 in 60 months, need interest rate of
.005058% or the nominal interest rate of 6.07%, which is
the same as buying.
Leasing Formulas
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Residual = 60% *(MSRP)
Net cap cost = Negotiate price - down
Depreciation = (Net cap cost – residual) / n
Finance =(Net cap cost + residual) * money
factor
PMT = Depreciation + Finance + Tax
Resources
For new/used car comparison
http://www.autos.yahoo.com
For information how to lease or buy
http://www.leaseguide.com
For the Secret Price Quote
http://www.carpricesecrets.com
For Salvalge value and car price:
http://www.kbb.com//
http://www.edmunds.com/
http://www.cars.com/go/index.jsp?aff=national
http://www.leasecompare.com/
Car- Lease v.s Buy
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