Compare two car choices
Use this worksheet when you are choosing between two specific cars, loans, or leases. Start with your needs, then enter what you know about each option. Mark guesses as estimates and use the same time period for both.
How we review this guidance. Rules and fees can vary by state, lender, dealer, and vehicle.
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How to compare the cost assumptions
1. Write down your constraints
Budget
Cash available, comfortable total cost, emergency reserve, and any trade payoff.
Usage
Commute, passengers, cargo, climate, parking, accessibility, towing, and other required use.
Mileage
Recent annual driving plus expected changes during the comparison term.
Ownership horizon
How long you expect to keep or use the vehicle, expressed in months or years.
Repair tolerance
Your capacity for uncertain repair cost, downtime, maintenance, and arranging service.
Insurance
A quote for each exact vehicle and use case, including any lender or lessor requirements.
2. Compare one written-cost horizon
Choose one common comparison horizon. When using a lease's disclosed total of payments, make the comparison horizon match the lease term and calculate purchase costs over that same period. If you model a shorter or different horizon, use the contract-specific early-termination treatment when the modeled exit comes before the lease ends, and include replacement transportation when the lease ends before the common horizon, with assumptions visible.
- Vehicle transaction: itemized out-the-door price, cash paid, trade credit, and optional products.
- Loan: APR, amount financed, loan term, finance charge, payments made during the horizon, and estimated remaining balance.
- Lease: for a full-term comparison, use the disclosed total of payments and payment schedule as the baseline under Regulation M. Read the federal disclosure rule. Do not add any disclosed anticipated disposition or pick-up fee, or other included charge, again; the disclosed total already includes them. Compare separately only amounts not included in total of payments or contingent on later events or choices, such as excess mileage, excess wear, early termination, or a purchase option, under matching assumptions. Do not count a refundable security deposit as a lease cost, though its cash timing still belongs in the worksheet.
- Ongoing use: insurance, registration, taxes, fuel or energy, parking, routine maintenance, and expected consumables.
- End position: estimated vehicle value and remaining balance, or the lease return and purchase-option assumptions.
3. Test the decision
Change one uncertain assumption at a time: annual mileage, time kept, repair estimate, insurance quote, or end value. If the choice reverses after a small change, gather better evidence before committing. Also check whether either option conflicts with a must-have usage requirement even if its estimated cost is lower.
Sources & Further Reading
- CFPB: Leasing versus Buying a Vehicle
- CFPB Regulation M: Consumer Leasing Disclosures
- CFPB: Comparing Auto Loan Offers
- CFPB: What Factors into the Price of a Vehicle?
These sources explain general rules. Check current requirements in your state and the terms in your own paperwork.
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Car-deal rules and fees depend on your state. Check your state motor-vehicle or consumer-protection agency and your written agreement.