The comparison that matters
Use total out-of-pocket cost, not the headline payment. For a return scenario, calculate everything paid while you used the device. For an ownership scenario, add the end-of-lease purchase option. For a cash purchase, include tax and subtract only trade-in credit you can actually receive.
| Cost | Lease and return | Lease and buy | Buy now |
|---|---|---|---|
| Monthly payment | Yes | Yes | No, unless financed |
| Due at signing | Yes | Yes | Purchase tax/payment |
| AppleCare | Optional, separate | Optional, separate | Optional, separate |
| Purchase option | No | Yes | No |
| Resale value | None | Yours after purchase | Yours |
| Condition risk | Possible return charge | Contract controls | Impacts resale only |
Three practical scenarios
You upgrade every year
Convenience can be the main value: there is no private sale, and you can move into a new lease when eligible. Compare that convenience with carrier annual-upgrade programs and the resale value you give up.
You keep devices for four years
Buying usually deserves the first look because you need ownership beyond the lease term. Calculate the lease-to-own total, then compare it with the cash or 0% installment cost of the same configuration.
You already have a valuable trade-in
Compare the treatment of the credit carefully. A lease credit can reduce payments without giving you the same economics as selling a device or applying a trade-in to a purchase.
A simple decision rule
Lease when the return/upgrade service is worth the premium to you and the disclosure is clear. Buy when long-term ownership, resale flexibility or a carrier credit produces the better verified total.
Open the calculator and enter the exact monthly lease, term and purchase option from your quote.