When leasing a car, you want to choose the best car available for your budget. However, that isn’t always as easy as it sounds. You have to find the right year, brand, and model that fits both your personality and your bank account. To make things even more difficult, you’ll often have a slick salesperson at the dealership trying to sell you a vehicle that you can’t really afford because they want to make a few extra dollars. However, Oz Leasing is changing the way that people lease their vehicle. With our auto lease calculator, you can find a car that you want within your budget.
At Oz Leasing, we do our best to ensure that you get yourself into a nice vehicle that you can actually afford. We cut out the traditional salesperson so that you never even have to step foot into a dealership. Instead, we offer you a completely online selection and checkout process. You can pick the car of your dreams from the comfort of your living room sofa! Then, we promise to deliver the vehicle to your doorstep within two business days.
As part of that mission, we developed a proprietary lease calculator that you can use from any device to determine what you can actually afford. Let’s take a closer look at what the lease calculator actually does and how you can use it to make the most informed lease choices.
Important Auto Lease Calculator Terms and Definitions
A lease calculator doesn’t do you much good if you don’t understand the terms that we’re using. Before we dive into what the lease calculator does for you, we first need to understand some important terms and definitions that you may run into while using our calculator:
- Purchase Price – The amount of money that you pay for the car.
- Down Payment – The amount of money that you pay to the dealer that is then subtracted from the purchase rate. This will determine the amount of money that is financed.
- Term – When you sign a lease, the “term” is the length of the contract in months. Normally, you can extend your lease term by updating your agreement.
- Trade-in Allowance – When you trade in your lease car, the trade-in allowance is the value of your old car.
- Sales Tax Percentage – During your lease term, the sales tax percentage is the tax that you pay throughout the contract.
- New Car Interest Rate – The interest that you pay on the loan.
- Residual Value – The residual value of the car is how much the car is worth at the end of the lease term. If you decide to purchase the car at the end of your lease, you’ll likely use the residual value of the car to make the purchase.
- Wear and Tear – The normal amount of stress on the vehicle caused by your use.
- Depreciation Fee – How much value your car loses due to age, mileage, and wear.
- Monthly Payment – How much money you’ll pay every month until the end of your contract.
- Capitalized Cost – In the case of a leased car, the capitalized cost is the flat price of the vehicle.
- Lease Fee – A small fee that you pay when you lease a car.
- Pre-Tax Monthly Payment – How much money you pay each month during your lease minus the taxes.
- Monthly Sales Tax Payment – The tax added to your monthly bill.
How Does The Auto Lease Calculator Work?
If you visit any vehicle’s page from our listing, you’ll see a ton of options you can manipulate to adjust your monthly payments. All of these different items are factored into the calculator’s algorithm to give you a fair price.
We’ve made things simple a three-step process:
- Pick Your Color = on any page you’ll notice on the right side we have listed the MSRP and set monthly rate (which excludes taxes and is default to the lowest mileage plan). Just below those numbers are your color options. Every car has at least a half dozen beautiful colors to select. And, when you click one, it will automatically generate a preview of the car with that color. You can control the exterior and interior color scheme to match your preferences.
- Select Your Mileage Plan = next, you’ll want to choose your monthly mileage plan. Think of what best will suit you. If you just travel to work and back, pick the lowest option. But if you plan on driving on epic road trips, pick one of the higher packages. You have the option to choose between 7,500, 10,000, 12,000, and 15,000 miles. Each option will automatically adjust the pricing below.
- Choose Your Down Payment = Next you can use the slider to adjust you much you wish to place as a down payment. As you drag the slider higher, the pricing will automatically adjust to a new price. Keep in mind, you’re never obligated to place a down payment. You can also simply type in a number for a down payment. Feel free to play around with the options to get the price you’re comfortable with for your lease payment.
Okay, so that sounds simple enough. Let’s see how it works on a real car from our listing. The ever-popular 2017 Audi RS7 is a great all-around sports motor sure to please any luxury fan. We list the car’s MSRP at $111,650. Lucky for you we offer the car at more affordable lease rate at around $1670 per month. Plus, you can cancel the lease or upgrade it at any time.
That number assumes you pick the lowest mileage plan of 7,500 miles. But let’s say you plan on driving it more often than that and need the 10,000-mile plan. In that case, the calculator automatically adjusts the price to $1,715.
If you decide that’s a bit too expensive for you each month, you could decide to place a down payment. Maybe you really liked the $1,670 rate with the lower mileage plan. After playing around the down payment slider, you’ll find that you’d need to pay $1,800 upfront to lower your monthly payment to that rate using the 10,000-mile plan.
4 Reasons The Oz Calculator Will Give You an Advantage in the Lease Process
With a better understanding of some of the terms that you’ll see while using our calculator, let’s take a look at what our lease calculator can do for you.
There are several reasons as to why using a lease calculator is gives a power advantage.
Here are four you need to know:
1 – Keeping the Salesperson Accountable
Firstly, you simply can’t believe everything that a car dealer tells you. Even if you aren’t leasing from us, you should check the dealer’s math to ensure that you’re paying the correct amount. Everyone makes mistakes, so it’s important that you enter the numbers that the dealer gave to you into our calculator just to double check that you have the right amount or they aren’t taking advantage of you. Our calculator uses the same formula as dealers and lease companies throughout the United States and programmed with state-of-the-art technology to automate a quick estimate for any vehicle.
2 – More Informed Purchasing Power
Second, and maybe most importantly, using our lease calculator helps you figure out exactly how much of the car you can afford to lease. By working backward with your results, you’ll be able to set a budget for yourself. After entering all of the given values, you’ll be left with the monthly payment that you’ll be expected to make. If it’s above what you can afford, you’ll know that you need to check different options. Go back and change the numbers until you find the one that works for you. Perhaps you could adjust your down payment or mileage plan to find a rate that works for your needs.
You also can adjust colors on the fly with an automatically generated preview! For instance, on the BMW lease calculator for the BMW X5, you can switch from a gorgeous jet black with a brown interior to a beautiful glacier silver metallic with a tan cabin trim. There are literally hundreds of color combinations for you to experiment with at Oz Leasing.
3 – More Confident Negotiating
Knowing the different values and resulting monthly payment plans gives you more negotiating power when you go to a dealership to lease your car. Often, you’ll find that people try to overcharge in the beginning. Supposedly these traditional lease agents are “experts” but really just want an extra buck off you. Now, you can enter the sit at the negotiating table with real evidence of the value of the vehicle. Our math doesn’t lie and is simply based on a formula provided by the manufacturer. It’s your job to know what everything should cost and to negotiate it down to a price that you can afford.
4 – Quick Manipulating Options Down to the Price You Need
Last, using our calculator to manipulate different variables like the residual percentage, down payment, or term shows you how these factors affect the overall price. Thus, you have a better idea of what to look for in a lease to ensure that you get the best deal possible.
Get Started Today
At Oz Leasing, we’ve set out to make the leasing process significantly easier for the consumer. Whereas traditional car dealerships often want to make an extra dollar at any cost, we have your best interest in mind.
We want you to get the best deal on a lease that you can, and we provide you with all of the tools that you need to do that. We’ll even negotiate on your behalf to get you a lower price on your car so that you never have to talk with a salesperson.
However, not everyone will decide to lease a car through our company. We’ve provided you with our proprietary calculator to use as a tool to get yourself the best deal that you can no matter what company you choose.
If you have any questions about leasing a car, we would love to hear from you. Feel free to give our qualified professionals a call today at (954) 893-2805.