Buying vs Leasing
Your Priorities are Our Priorities
It’s personal. All of us have different personal styles, objectives, and priorities – in cars, in life, and in finances. So lease-versus-buy decisions must be made with your own lifestyle and priorities in mind. What’s right for one person can be totally wrong for another.
Leasing may be for you if you:
- Enjoy driving a new car every 2-3 years
- Want lower monthly payments
- Like having a car that has the latest safety features and is always under warranty
- Don’t like trading and selling used cars
- Don’t care about building ownership equity
- Have a stable predictable lifestyle
- Drive an average number of miles
- Properly maintain your cars
- Are willing to pay more over the long haul to get these benefits
- Understand how leasing works
Buying may be for you if you:
- Don’t mind higher monthly payments at first
- Like holding on to your cars
- Prefer to build up some trade-in or resale value (equity)
- Enjoy the idea of owning your car outright
- Like paying off your loan and being payment-free for a while
- Don’t mind the unexpected cost of repairs after warranty has expired
- Drive more than average miles
- Prefer to drive your cars for years to spread out the cost
- Like to customize your cars after purchase
- Might have lifestyle or job changes in the near future
- Don’t like the risk of possible lease-end charges
Get the Facts on Leasing
Costs at signing.
- first month’s payment
- acquisition fee
- refundable security deposit
- taxes and fees
- capitalized cost reduction (similar to a down payment)
To Recap …
With a lease, you may pay less cash up front and enjoy lower monthly payments than you would if you were financing your vehicle. You also have the flexibility of turning in the vehicle at the end of your lease, without having to worry about ever selling your vehicle.
At lease-end, you may purchase the vehicle or return it at the end of your lease. (More details here.) Either way, there’s no need to sell your vehicle — you just return it to a trusted Toyota dealer like us. You may have to pay fees or charges associated with the end of your lease, as described in the lease agreement.
Questions? We’re here to help.
Call us now to speak with one of our product specialists, send us a message online, or apply for financing online right now.