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Posted: July 17th, 2022
Excel Assignment Due In 7 Hours essay
Buy or Lease a Car/Truck
For this week’s discussion you will analyze the buy vs lease decision for the car or truck of your choice. You will do this by calculating the present value for three years of buying and leasing the vehicle. Follow the steps below to complete this discussion. You should turn in your Excel work and also a paragraph explaining your decision. Which choice is better for you?
1) Please go to the links below to learn about some of the advantages and disadvantages to buying and leasing decisions.
Buy vs. Lease
https://auto.howstuffworks.com/buying-selling/buy-or-lease.htm
https://www.thebalance.com/pros-and-cons-of-leasing-vs-buying-a-car-527145
2) Find the current interest rate for a car loan at https://www.bankrate.com/loans/auto-loans/current-auto-loan-interest-rates/ You can use the 60 month rate for both the buy and lease computations. The rate shown is an annual rate. You will need to divide by 12 to get the monthly interest rates.
3) Choose the vehicle you want to acquire. Google lease and the vehicle you have choose. From this search you need to find the monthly lease cost, upfront costs and any backend costs. You also need to find the current value of the car. This will be the cost of buying the card. As an example, here is the information found by googling lease for a Rav4.
4) In addition to the information you find about the lease, you need to find the value of the purchased car 3 years or 36 months from now. At the end of three years the lease will expire. At the end of three years a buyer will still own the car and the car has value. Go to kelly’s blue book or kbb https://www.kbb.com/ or Edmunds https://www.edmunds.com/ to find the value of your vehicle if it were three years old. This is not perfect because we are estimating a today’s car value once it is three years old with a current three-year old car. If we assume cars are improved each year, then this estimate would be a conservative estimate and a little low. Here is the link to my example from kbb regarding the Rav 4. Since my buying car was a 2018 I am looking at its three-year-old price or 2015 year. https://www.kbb.com/toyota/rav4/2015/le-sport-utility-4d/?vehicleid=403016&intent=buy-used&mileage=48576&pricetype=retail&condition=good
5) You now have all the information to calculate and compare the cost today (PV) of both choices. Attached is my Excel file. All yellow highlighted cells have imbedded formulas. Buy or lease a car excel.xlsx
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