Free Vehicle Finance and Lease Comparison

New vehicle shoppers may be overwhelmed by the number of choices involved. Some choices are non-financial (whether to buy a truck, car, SUV or van; whether to deal with Ford, Nissan, Honda, Toyota, or Mitsubishi; vehicle options; and paint color). However, an Excel spreadsheet can help with choosing whether to obtain a car loan or lease instead.

I recently compared four vehicle models (2006 Toyota Sienna CE, 2006 Honda Odyssey LX, 2006 Honda Odyssey EX, and 2006 Kia Sedona), and two payment options (48-month vehicle lease versus 60-month finance loan). Vehicle dealer cost and taxes applied in British Columbia, Canada.

My spreadsheet assumes a vehicle price of Dealer Cost + $1,000 (roughly $2,500 below MSRP). Car dealer cost information can be obtained from most vehicle insurance agents.

My Excel spreadsheet shows that while the 2006 Kia Sedona is the cheapest vehicle, the monthly lease payment was second-highest (after the Honda Odyssey EX). Whyu? Kia dealerships offered the lowest lease buy-out on the Sedona (compared to the Toyota dealerships and Honda dealerships). Hence, monthly lease costs on the Kia Sedona were comparable to the payments on the car finance loan).

Vehicle prices vary across dealerships. For example, Honda may be more willing to negotiate on a car loan or lease than (say) Honda.

vehicle finance and lease comparison

Download Spreadsheet (MS Excel)

Have Fun!

- Mark ( )

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