Lease vs. buy comparisons are tricky because the two options cover different time periods and leave you in different financial positions. This calculator normalizes both over your lease term. Lease cost equals due-at-signing plus monthly payments plus any excess km fees, minus rebates. Buy cost equals down payment plus loan payments over the same period, minus estimated resale value and rebates. Enter your actual quote and loan terms for the most accurate result.
How the numbers are worked out
On the lease side, excess km fees come from comparing your actual annual driving distance to the lease’s allowed km, prorated for the lease term, then multiplying any overage by your per-km rate. On the buy side, the monthly loan payment uses a standard amortization formula based on the vehicle’s net price after down payment and rebates, your APR, and your loan term in months. Because loan terms often run longer than lease terms, only the buy payments that fall within the comparison period are counted, alongside the vehicle’s estimated resale value at that point, so both options are measured over the same stretch of time. The federal EVAP rebate and any provincial rebate you enter are deducted from whichever path you’re comparing, since Canada’s federal rebate, unlike some incentive programs, applies to both purchases and leases of 12 months or more.
What the calculator does not account for
GST/HST, PST, insurance, and registration fees apply fairly similarly to both options, so they’re left out to avoid distorting the comparison. Actual resale value depends heavily on the specific make, model, trim, mileage, and condition, and can shift with market conditions between now and the end of your term. Treat it as a planning estimate, not a guarantee. Provincial rebate eligibility for leases versus purchases also varies by program. Check our Rebates and Incentives page for what applies where you live.
- Drive within the km allowance
- Want a new EV every 2–3 years as battery tech improves
- Don't want to worry about long-term battery degradation
- Prefer a lower payment today over building equity
- Drive more km than a typical lease allows
- Plan to keep the vehicle long-term
- Want to build equity and own an asset outright
- May want to modify the vehicle or drive it commercially
Incentives: The rebate fields apply a simple dollar reduction to illustrate potential impact. Actual eligibility for federal and provincial EV incentives is complex and changes frequently — vehicle price caps, income limits, and lease-vs-purchase rules vary by program. Our Rebates and Incentives page is a reference tool, not a determination of your eligibility. Always confirm current terms with the program source (Transport Canada or your provincial rebate administrator) before making a financial decision.
Does not include GST/HST, PST, insurance, or registration fees, as these apply to both options and should be evaluated separately. EV depreciation varies significantly by make, model, trim, mileage, and market conditions.