Illustrative example: the figures below come from a real manufacturer program from September 2026. Programs change monthly — the comparison method works the same every month.
Same Subaru Outback at $39,241. See exact lease cost vs buying cost at every mileage level, with warranty, maintenance, and resale risk included.
2026 Subaru Outback Premium Continuously Variable Transmission
Ice Silver Metallic, Option Package 13
Manufacturer's Suggested Retail Price: $39,241.00
Selling price $37,625. Gross capitalized cost $38,275 includes $650 acquisition fee.
Program (illustrative example): a September 2026 special lease program, Tier 1 and Tier 2 credit. Current programs change monthly.
Lease payments verified. High mileage calculated as $0.10 per mile over 15,000 miles per year × 3 years reduction from residual value, per the program guide for vehicles under $50,000.
Most people compare payment only. We compare total cost.
This guide uses one real vehicle and one real manufacturer program to show the complete math: a 2026 Subaru Outback Premium Continuously Variable Transmission, Ice Silver Metallic, Option Package 13. Manufacturer's suggested retail price $39,241.00. Selling price $37,625. Gross capitalized cost $38,275 includes a $650 acquisition fee. The program is a real September 2026 special lease program for Tier 1 and Tier 2 credit, shown here as an illustrative example. Programs change monthly; the comparison method stays the same.
If you drive 12,000 miles per year or 30,000 miles per year, the right answer changes. The difference is not monthly payment. The difference is who carries the risk of depreciation, warranty, and maintenance. Below is every mileage level from 7,500 to 30,000 miles per year on this exact vehicle.
A lease is not a loan for the full price. You finance only the depreciation that occurs while you have the vehicle, plus an interest charge and applicable taxes and fees.
MSRP is the price the manufacturer recommends the dealer sell the vehicle for. This guide uses $39,241.00.
Residual is the percentage of original price remaining. It is what the manufacturer estimates the car will be worth at lease end. Higher residual equals lower payment.
In this example program, 12,000 miles per year carries a 60% residual. That means the lender estimates the vehicle will retain 60% of its manufacturer's suggested retail price after 36 months. 60% of $39,241 equals $23,544.60. You pay the difference between the gross capitalized cost of $38,275 and the residual of $23,544.60, which is $14,730.40 in depreciation, plus interest calculated using the money factor of 0.00061, plus Colorado sales tax at 8.2%.
The result is $483.53 per month including tax with first payment only due at signing. High mileage options are calculated as $0.10 per mile over 15,000 miles per year multiplied by 3 years reduction from the residual value. So a 20,000 miles per year lease reduces the residual by 5,000 miles per year times 3 years times $0.10, which equals $1,500 reduction from the 15,000 mile residual.
Residual amounts for standard mileage are fixed by the lender. 7,500 miles per year at 62% residual equals $24,329.42. 10,000 miles per year at 61% residual equals $23,937.01. 12,000 at 60% equals $23,544.60. 15,000 at 58% equals $22,759.78. High mileage options use the $0.10 reduction method described above.
When you buy, you finance the entire price and you own the vehicle at the end of the loan. You are responsible for all depreciation, regardless of miles driven, and for all maintenance after warranty expires. Resale value depends on miles and market conditions at the time you sell.
For apples to apples comparison, this guide assumes financed at 6.5% annual percentage rate (average market), 72 months, $39,241 plus Colorado sales tax, $0 down. That payment is approximately $658 per month for 72 months. At 36 months, you will have paid approximately $23,688 and you will still owe approximately $21,500. This is standard amortization.
Your equity at 36 months is resale value minus loan payoff. If resale is higher than payoff, you have positive equity. If resale is lower, you have negative equity. High mileage reduces resale faster than the loan amortizes, which creates negative equity risk if you need to sell or trade at 36 months.
Maintenance in this period: under warranty to 36,000 miles. Beyond that, the factory basic warranty expires. Powertrain remains but tires, brakes, and fluid services become owner cost. Our estimates: tires $900, brakes $600, additional services $400 to $800 by 90,000 miles.
Same 2026 Subaru Outback. 36 months comparison. Lease total equals payment times 36 including tax. Buy net cost equals amount paid plus maintenance plus any negative equity, minus positive equity where applicable.
| Miles / Year | Lease Payment / Mo | Total Lease Cost (36 Mo) | Resale if Bought | Equity if Bought | Warranty & Maintenance |
|---|---|---|---|---|---|
| 7,500 | $460.46 | $16,576.56 | $26,000 | +$4,500 | Fully covered $0 beyond routine |
| 12,000 | $483.53 | $17,407.08 | $23,000 | +$1,500 | Fully covered Tires likely at limit |
| 15,000 | $506.60 | $18,237.60 | $21,000 | -$500 | Powertrain only past 36k $900 tires anticipated |
| 20,000 | $550.70 | $19,825.20 | $18,500 | -$3,000 | Outside basic warranty $900 tires + $600 brakes |
| 25,000 | $594.79 | $21,412.44 | $16,000 | -$5,500 | Outside basic warranty $900 tires + $600 brakes |
| 30,000 | $638.88 | $22,999.68 | $13,500 | -$8,000 | Outside basic warranty $900 tires + $600 brakes + fluid services |
Colorado 8.2% sales tax included in lease figures. High-mileage residuals structured at $0.10/mile over 15,000 per year.
Lease cost is fixed and known at signing. $16,576.56 at 7,500 miles per year to $22,999.68 at 30,000 miles per year. You walk away. No resale negotiation.
Buying at low miles retains positive equity if you sell at 36 months: +$4,500 at 22,500 miles. That positive equity erodes as miles increase.
Buying at high miles creates negative equity. At 60,000 miles resale $18,500 minus $21,500 owed equals -$3,000. At 90,000 miles -$8,000 plus $1,500 to $2,000 in wear items you would have paid out of pocket.
Leasing transfers depreciation risk to the bank. Buying leaves depreciation risk with you.
All payments include Colorado sales tax 8.2% and assume first payment only due at signing. Money factor 0.00061 equals 1.46% annual percentage rate (illustrative example program). Tier 1 and Tier 2 credit. Gross capitalized cost $38,275.
Lease payment is fixed for 36 months. Total cost equals payment times 36. No surprise resale negotiation at 60,000 or 90,000 miles.
You want to stay under factory warranty.
You trade every 3 years. If your pattern is a new vehicle every 3 years, leasing avoids the negative equity math shown above at high miles. You pay for what you use, then walk away clean.
You want the bank to carry depreciation risk. In this example, residual is set by the lender at program start. If the market drops, the bank absorbs the loss, not you. Buying leaves that risk with you.
High mileage drivers who would be out of warranty owning. At 20,000 to 30,000 miles per year you will be outside warranty by year two if you own. In a lease, warranty status still ends, but maintenance exposure is capped at 36 months total and you have no resale to negotiate with worn tires and brakes.
You drive low miles and keep vehicles long term. At 7,500 miles per year, buying retains +$4,500 equity at 36 months. If you keep the vehicle 8 to 10 years, total depreciation amortizes over many years and average annual cost drops below repeated leasing.
You drive high miles beyond 30,000 and want to keep long term. If you drive 35,000 miles per year and plan to keep the vehicle 150,000 plus miles, there is no lease structure. Buying and running to high mileage spreads acquisition cost over more years.
You modify vehicles.
You want no mileage structure.
Lease path: $483.53 × 36 including tax = $17,407.08 total. Walk away clean.
Buy path — sell at 36 months: $23,688 paid over 36 months at $658 per month. Resale estimated $23,000 minus $21,500 loan payoff equals $1,500 equity. Net cost $23,688 minus $1,500 plus $500 tires equals $22,688. Real delta: $5,281 more than lease.
Verdict — 12,000 miles: lease wins at 36 months. Leasing saves approximately $4,000 to $5,000 in out-of-pocket over 36 months if you were going to sell or trade at 36 months anyway. Buying only wins if you keep the vehicle beyond 60 months to amortize the higher total paid.
Lease path — structured high mileage: $550.70 × 36 including tax = $19,825.20 total. Residual reduced by $1,500 from the 15,000-mile residual using $0.10 per mile over 15,000 × 3 years. Walk away clean. No negative equity. No resale negotiation at 60,000 miles.
Buy path — real cost at 60,000 miles: $28,188 real cost. $23,688 paid over 36 months. Resale $18,500 minus $21,500 owed equals -$3,000 negative equity. Plus $900 tires plus $600 brakes equals $28,188 real cost to exit at 36 months. $8,363 more than leasing.
Verdict — 20,000 miles: lease wins significantly. High mileage is where leasing protects you from negative equity. Buying at 20,000 miles per year and selling at 36 months creates $3,000 negative equity before tires and brakes. Leasing at structured high mileage costs $19,825 total and you walk away. The bank carries the depreciation risk.
Lease path: $460.46 × 36 = $16,576.56 total. Residual 62% equals $24,329.42. Lowest payment in the example program. Ideal for work from home, second vehicle, or predictable short commute.
Buy path — keep long term: $23,688 paid / +$4,500 equity. $23,688 paid at 36 months, still owe $21,500, resale $26,000 equals +$4,500 equity. If you keep 8 years, total paid $47,376 but vehicle still worth approximately $10,000 to $12,000. Average annual cost drops below leasing after year 5.
Verdict — 7,500 miles: buy can win at 96 months+. At 36 months, leasing is still lower total out-of-pocket: $16,576 versus $19,188 net buying. However buying can win if you keep the vehicle 8 plus years and drive low miles, because depreciation flattens and you avoid two lease cycles.
Each manufacturer has different incentives and bonuses each month. As a broker working with all makes, we review programs across Toyota, Honda, Ford, Nissan, Subaru, BMW and others to match your driving pattern to the manufacturer whose program fits best this month. Our job is finding the right manufacturer program for your driving style, not selling you a car on the lot.
A 7,500 miles per year work from home driver should not be placed in the same program as a 25,000 miles per year sales route driver. Toyota may have high residual on a hybrid at low miles this month. Ford may allow $0.10 per mile high mileage reduction next month. In our September 2026 example, a 0.00061 money factor (1.46% annual percentage rate) was exceptionally low — which is exactly why matching your miles to the right program each month matters.
We compare money factor, residual percentage, mileage reduction cost, and total lease cost including Colorado sales tax across all manufacturers, then recommend the program that matches your actual driving pattern. Not the vehicle we have in stock. The program that costs you least for your miles.
What happens if I go over miles on a lease?
You pay the over-mileage charge stated in your contract — typically $0.15 to $0.25 per mile at lease end. That is why this guide structures the miles up front: pre-paying at roughly $0.10 per mile inside the lease, as shown above, costs less than paying over-mileage penalties later. Set the miles right at signing and there is nothing to worry about.
Can I buy my leased car at the end?
Yes. Your purchase option price — the residual — is set in the contract at signing, so you know the exact number on day one. You can pay it in cash or finance it. If the market value is higher than your residual, buying can be a smart move; if it is lower, you walk away and the bank takes the loss.
Is money factor negotiable?
Money factor with annual percentage rate is set by the lender for special lease programs. This example uses 0.00061 (1.46% annual percentage rate) from a September 2026 special lease program, Tier 1 and Tier 2 credit, shown for illustration. In special programs, money factor is not marked up. Standard programs may have dealer markup. As a broker we disclose base money factor.
Does leasing include maintenance?
Leasing does not automatically include maintenance unless the manufacturer includes it. In this example program, maintenance is not included. You are responsible for routine maintenance: oil changes, filters. Warranty covers defects to 3 years or 36,000 miles. Tires and brakes are wear items and owner responsibility, which is why our table notes $900 tires and $600 brakes beyond 36,000 miles. Leasing limits your exposure to 36 months total versus owning beyond warranty.
What credit is needed for the example rate?
Top-tier credit — Tier 1 and Tier 2, generally a score of 700 or above. If your credit sits lower, the money factor rises and the math shifts, which is one more reason to have someone run your real numbers instead of guessing from an advertisement.
This guide used one vehicle to prove the point. Your driving pattern determines the right manufacturer program this month. We work as a broker across all makes, not a single lot, so we match your actual miles to the manufacturer whose money factor, residual, and high mileage reduction fits best.
Prefer to talk it through? Call or text 719-259-2439.
Estimates only. Lease figures based on a 2026 Subaru Outback Premium (Ice Silver Metallic, Option Package 13), MSRP $39,241.00, selling price $37,625, gross capitalized cost $38,275 including $650 acquisition fee. Example program: September 2026 special lease, Tier 1 and Tier 2 credit, money factor 0.00061 (1.46% APR), 36 months, first payment only due at signing — shown as an illustrative example. Residuals: 62% at 7,500 miles/year ($24,329.42), 61% at 10,000 ($23,937.01), 60% at 12,000 ($23,544.60), 58% at 15,000 ($22,759.78). High mileage 20,000–30,000 calculated as 15,000-mile residual minus $0.10 per mile over 15,000 × 3 years. Colorado sales tax 8.2% included. Subject to credit approval and program change.
Buy scenario assumes financed at 6.5% APR (average market), 72 months, $39,241 plus tax, $0 down, payment approximately $658/month, $23,688 paid at 36 months, balance approximately $21,500. Resale estimates by mileage: 22,500 miles ≈ $26,000; 30,000 ≈ $24,500; 36,000 ≈ $23,000; 45,000 ≈ $21,000; 60,000 ≈ $18,500; 75,000 ≈ $16,000; 90,000 ≈ $13,500. Actual resale depends on condition and market. Maintenance estimates: tires $900, brakes $600, additional services $400–$800. Equity equals resale minus loan payoff.
© 2026 RH Auto Brokers — All programs subject to change without notice. Not affiliated with any manufacturer finance company.