10 Steps to Leasing a New Car
Step 3: Estimate your lease payments.
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The formula for a lease payment is complicated. With a little patience, it is possible to calculate your own lease payment. Or use the Edmunds.com lease calculator to generate a payment and adjust it based on different parameters such as mileage and down payment. To use the calculator, you'll first need to get the residual amount for the car. Here's how to do it: Call the finance manager at a local dealership and ask for the three-year residual value of the car you want. Put this figure into the calculator along with the mileage, down payment and trade-in. When you are finished, print out the results to refer to later.
Whether you use the calculator or do it on your own, it is important to estimate your own lease payment before you go shopping so you can spot a good deal when you see one.
Next Step: Check for special lease deals
