For a $70,000 car, lease payments typically range between $700 and $1,200 per month, though this can vary based on factors like down payment, lease term, interest rate (known as the money factor), and residual value. Leasing terms and rates are influenced by the dealership and your credit score.
The primary factors affecting your lease payment include:
Down Payment: A higher down payment can lower monthly costs, while minimal or no down payment will increase monthly obligations.
Lease Term: Most leases run 24-48 months. Longer leases may lower monthly payments but can mean paying more interest overall.
Money Factor: This is the lease equivalent of an interest rate. Higher money factors (often linked to lower credit scores) result in higher payments.
Residual Value: This is the car's expected value at the end of the lease. Higher residuals lead to lower payments since you're paying for less depreciation.
To estimate a monthly lease payment, use an online lease calculator. You'll need the vehicle price, down payment, estimated residual value, and the money factor. Try different scenarios to see how varying factors like the down payment or term impact your payment.
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