LeftieBiker said:
Then why not buy the car? Payments are less, even if the car is worth nothing in 5 years. Risk is lower as well.
Assuming your calculations are correct, that might work, but many people don't want to have to then sell it. Since 5 year leases are very rare, why not run the numbers for a three year lease?
Not my calculations. Nissan's calculations.
https://www.nissanusa.com/pe-nissan/lease-finance-payment-calculator/LEAF/17419
Set the car to "2019 Leaf SV PLUS 62 kWh"
Set the lease term and loan term to 60 months.
Oh, and not sell the car in 5 years. Comparing 5 year leasing with "take my car please" at 5 years as soon as the loan is paid off.
https://help.npr.org/customer/en/portal/articles/2086308-how-do-i-make-a-vehicle-donation-
In reality, of course, a 5 year old LEAF with a 60kWh battery, might be down a capacity bar, would be worth far more than $0. Would be very usable past when the warranty ran out at 8 years/100,000 miles.
Why not compare shorter leases to a 5 year ownership? Sure.
5 year loan vs a 2 year lease and a 3 year lease. 5 years driving. Scrap the car after 5 years, return the leased cars at end of term.
5 year loan is $657 / month. A two year lease is $991 / month, a three year lease is $801 / month. Average cost of leases is $ 877 per month.