Calculating a car lease payment is not quite as simple as the calculations needed in traditional auto financing, but this article will demystify the process. Though time-consuming, it is not difficult to calculate a lease payment, and knowing how to do so will be of great help at the negotiating table.

Gathering Information

The first step is to decide what the terms of the lease will be. Cars are usually leased for a certain number of months: 24, 30, 36, and 48 month terms are the most common. Also decide which annual mileage allowance makes the most sense. The more miles a leased car is driven per year, the more expensive the lease will be, so it isn’t advantageous to select too large of a mileage allowance.

On the other hand, for every mile a leased car is driven over the mileage allowance, a certain fee will apply. This fee is commonly $0.20 to $0.25 per mile over the annual allowance; however, this may vary. Ideally, a lessee (that is, the person getting the lease) would choose a mileage allowance with just a bit of “wiggle room” so as to avoid paying overage fees, but would not have terribly many miles leftover going to waste.

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