Lease or Buy a Toyota Tundra? 3-Year Cost Compared (November 2026)
Over 3 years, leasing a 2026 Tundra SR5 costs $19,090 vs about $16,245 to buy and sell (per CarWhere data) — buy wins by $2,845, and buying's lead grows the longer you keep it.
By the CarWhere Research Team · Manufacturer lease programs, verified CarWhere deals and our depreciation report · Updated daily
Lease for 3 years
| Advertised payment | $439/mo × 39 mo |
|---|---|
| Due at signing | $3,999 |
| Total over 39 months | $20,681 |
| Prorated to 36 months | $19,090 |
| Lease cost, 3 years | $19,090 |
Toyota's California-region offer on the 2026 Tundra SR5, ends November 30, 2026. No acquisition or disposition fee is listed with the offer, so none is added.
Buy, then sell after 3 years
| MSRP | $55,019 |
|---|---|
| Price CarWhere buyers pay | $51,017 |
| Resale at 3 years (−36.8%) | −$34,772 |
| Cash buy, 3 years | $16,245 |
| Financed at 1.99% APR, 3 years | $18,580 |
Price = the $55,019 MSRP minus the 7.3% median discount CarWhere buyers got on the Tundra (54 verified deals). Finance line: Toyota's 1.99% / 72-month APR offer, $0 down, interest paid in the first 36 months.
Buying wins by $2,845 over 3 years (cash); financed, the gap is $510 in favor of buying.
If you keep it longer
Leasing continuously at the same effective rate vs buying once and selling at year N (resale from our depreciation report; cash purchase).
| Years kept | Lease (continuous) | Buy and sell | Cheaper |
|---|---|---|---|
| 3 | $19,090 | $16,245 | Buy |
| 4 | $25,453 | $18,886 | Buy |
| 5 | $31,817 | $19,931 | Buy |
| 6 | $38,180 | $21,197 | Buy |
| 7 | $44,543 | $23,507 | Buy |
| 8 | $50,907 | $26,038 | Buy |
Assumptions
- Lease: $3,999 due at signing + $439 × 38 remaining payments = $20,681 over 39 months, prorated to 36 months ($19,090). You return the car with no excess-mileage or wear charges.
- Buy: the $55,019 MSRP minus the 7.3% median discount CarWhere buyers got on the Tundra (54 verified deals); sold after 3 years at 63.2% of the MSRP.
- Resale: CarWhere depreciation report (2026-10-25) for the Toyota Tundra — median used-listing price by model year vs the median new price.
- Excluded on both sides: sales tax, registration, insurance, maintenance.
FAQ
Is it better to lease or buy a Tundra?
Over 3 years, leasing a 2026 Tundra SR5 costs $19,090 vs about $16,245 to buy and sell (per CarWhere data) — buy wins by $2,845, and buying's lead grows the longer you keep it. The lease side is the current advertised Toyota offer ($439/mo for 39 months, $3,999 due at signing); the buy side is the $55,019 MSRP minus the 7.3% median discount CarWhere buyers got on the Tundra (54 verified deals), less the 36.8% a 3-year-old Tundra loses in value. Taxes, registration, insurance and maintenance are left out of both.
How much does a Tundra lose in value in 3 years?
About 36.8% below the new price at 3 years old, from median used-listing prices vs the median new price in CarWhere's depreciation report (2026-10-25). On this $55,019 MSRP that is a resale value of about $34,772.
How long do you have to keep a Tundra for buying to win?
Buying already costs less at 3 years ($16,245 vs $19,090 to lease), and the gap widens each year you keep it.
Does financing change the Tundra lease-or-buy math?
With Toyota's 1.99% APR for 72 months offer (ends November 30, 2026), financing the full price adds about $2,335 of interest in the first 3 years, so buying and selling costs about $18,580 vs $19,090 to lease. That assumes $0 down and top-tier credit.