The lessor is the legal owner of the good in question. The lessee is the one who uses the good (or more formally: the one who obtains the right to use the asset in return for regular payments). Auto Loan Calculator - Figure out your vehicle financing when purchasing a new car, or to get your car payments organized.The commonly agreed definition of a lease is that it is a contractual agreement between two parties - the lessee and the lessor - where the former pays the latter for the use of a particular good or asset.Gas Mileage Log - Track gas mileage to calculate your car's average MPG.Vehicle Maintenance Log - Track auto repairs and other vehicle upkeep.Bill of Sale - Use this template when selling or buying a car.- How Much does Auto Maintenance Cost Over Time?.A used car may not last as long as a brand new one. Maybe your current car will last you another 10 years, or maybe only one more year. keeping your current car, it may be important to consider how long it will be until you'll need to make your next vehicle purchase. A resource that may be helpful long term is our Vehicle Maintenance Log where you can keep track of your vehicles' maintenance to refer back to when needed.
If you can avoid buying a lemon, you may get by for a few years with just the routine maintenance costs, but it won't be long before you need new tires, new brakes, etc. If you are thinking of buying new, don't underestimate the maintenance costs. used over a 10-30 year period, the total purchase cost and total financing cost over the long term will usually be much higher for a brand new vehicle. Although this spreadsheet does not show the effect of buying new vs. If you can find a good used car, then it will almost always be a better financial decision (lower monthly and total costs) to get the used car. Leasing a car is typically a short term solution, and may have other drawbacks such as mileage restrictions, hidden fees, or contract length (penalties for terminating the contract early for example).
If you want to calculate the specifics of the auto loan that would come with the purchase of a car, check out our Auto Loan Calculator.Īlthough leasing a car is typically more expensive than buying used and sometimes more expensive than buying new, comparing the cost of leasing a car can provide a useful benchmark. You may feel forced to get a new car to fit your growing family, but comparing the cost of your current vehicle may still be important because you tend to know a lot more about the expenses of your current vehicle, which may help you have a benchmark for comparison. Another more subjective consideration has to do with reliability, or how long you expect the car to last. Some of the main factors affecting this type of decision (besides just wanting a new look) may include gas mileage, maintenance costs, and the cost of financing. Should I buy a car or just keep my current one? This spreadsheet was designed to make it easy to do side-by-side comparisons between multiple cars, including your current one, with the main decision factor being the estimated monthly cost of ownership. If you are interested in keeping track of your gas mileage long term, check out our Gas Mileage Log. This sub-calculator includes inputs such as your habitual fill up amount (half full, on empty, etc) as well as the car’s tank capacity. This section of the worksheet is optional and designed to help you estimate a value for the corresponding cell. Input your distance driven estimate into the correct cell in the Fuel Economy section of the spreadsheet. If you don't know how many miles/kilometers you drive a month, you can use the "Estimated Miles/Kilometers Driven Per Month" calculator in this template underneath the "Results" section. Try different values to see how the input affects the result. For other fields that you cannot find an exact answer, you may need to estimate. If you are unsure of the answer, many of the specs can be found on Google by simply looking up the car’s make, model, and year. To get the most out of this spreadsheet, try and input your data as accurately as possible.
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