Based on the following, calculate the costs of buying versus leasing a motor vehicle.

Purchase Costs                                                       Leasing Costs

Down payment: $1,500                                         Security deposit: $500

Loan payment: $450 for 48 months                   Lease payment: $450 for 36 months

Estimated value at end of loan: $4,000              End-of-lease charges: $600

Opportunity cost interest rate: 4 percent