Lease vs. buy comparisons are challenging because the two options cover different time periods and leave you in different financial positions. This calculator normalizes both over your lease term. Lease cost = due-at-signing + monthly payments + any excess mileage fees. Buy cost = down payment + loan payments over the same period, minus estimated resale value. Enter your actual quote and loan terms for the most accurate result.
Vehicle & Driving
Sticker price before incentives
e.g. state rebate, utility credit
Affects excess mileage fees on a lease
🔵 Lease
First month, fees, cap cost reduction
Typical range: 20–30¢/mile
🟢 Buy
What the car is worth at end of the lease term — used to fairly compare both options over the same period
🔵 Lease
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Due at signing
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Monthly payments
—
Monthly × term
—
Excess mileage fees
—
Total cost
—
You own at end
Nothing
🟢 Buy
—
Down payment
—
Loan payments (over lease term)
—
Monthly payment
—
Minus: resale value
—
Net cost (same period)
—
You own at end
—
🔵 Leasing is better if you…
- Drive within the mileage limit
- Want a new EV every 2–3 years
- Don't want to worry about battery degradation
- Prefer lower monthly payments
- Can claim the lease tax credit (commercial vehicle credit)
🟢 Buying is better if you…
- Drive more miles than a typical lease allows
- Plan to own the vehicle long-term
- Want to build equity and own an asset
- May want to modify or customize the car
- Qualify for a direct purchase incentive
💡 EV leasing tip: Because EVs depreciate faster than gas cars and battery technology evolves quickly, leasing can be a smart way to stay current while avoiding the risk of owning an older battery pack. However, if you drive high miles or plan to keep the car 5+ years, buying usually wins on total cost. Check available incentives at our Incentives page — some state rebates apply to leases, others only to purchases.
Important: This calculator produces estimates for comparison purposes only and not financial advice. Results are based entirely on the numbers you enter and should not be used as the basis for a purchasing decision without verifying actual lease offers and loan quotes from lenders and dealers.
Incentives: The incentives field applies a simple dollar reduction to illustrate potential impact. Actual incentive eligibility is complex and changes frequently. Whether a given incentive applies to a lease vs. a purchase, the income limits, vehicle price caps, and transfer rules all vary by program and are subject to change. Our Incentives page is a reference tool. It is not a determination of your eligibility. Always confirm current incentive terms directly with the program source (your state energy office, utility provider, or a qualified tax professional) before making any financial decision.
Does not include insurance, registration fees, sales tax, or maintenance costs as these apply to both options and should be evaluated separately. EV depreciation varies significantly by make, model, trim, mileage, and market conditions.
Incentives: The incentives field applies a simple dollar reduction to illustrate potential impact. Actual incentive eligibility is complex and changes frequently. Whether a given incentive applies to a lease vs. a purchase, the income limits, vehicle price caps, and transfer rules all vary by program and are subject to change. Our Incentives page is a reference tool. It is not a determination of your eligibility. Always confirm current incentive terms directly with the program source (your state energy office, utility provider, or a qualified tax professional) before making any financial decision.
Does not include insurance, registration fees, sales tax, or maintenance costs as these apply to both options and should be evaluated separately. EV depreciation varies significantly by make, model, trim, mileage, and market conditions.