Leasing vs Buying a Toyota

Leasing a Toyota: Advantages

There are many benefits to leasing a Toyota from our dealership. Most notably, leasing typically comes with lower monthly payments and little or no down payment. This means you can usually get a newer vehicle for less money than if you finance. You also pay lower sales tax than with an auto loan.

Additionally, leasing a Toyota gives you more peace of mind, thanks to an included manufacturer warranty. This means that you have fewer repair costs and less maintenance with a lease than a loan.

Another major benefit of leasing a vehicle for most drivers is that it allows you to try out a new vehicle every few years without compromising on trade or resale value. At the end of your lease term, simply bring your Toyota to our dealership, and you can sign a new lease for a different model.

However, if you find you love driving your leased Toyota, you can usually purchase the vehicle after your lease ends. This means you can continue driving the same Toyota for as long as you’d like.

Leasing a Toyota: Disadvantages

Despite these impressive perks, leasing does come with a few drawbacks. For example, when you sign a lease, you must follow certain guidelines found in your lease terms.

Most notably, lease agreements usually allot 12,000 miles a year, which is acceptable for many drivers. However, if you have long work commutes or take frequent road trips, you may go over the allotted mileage. If you do this, you could face overage fees when you return your leased vehicle at the end of the term.

It is also difficult to end a lease early, so you may not have many options if your driving circumstances or needs change during your lease. And, once your lease ends, you don’t own the vehicle and must return it to the dealership unless you decide to purchase it.

Buying a Toyota: Advantages

Buying a vehicle is a popular option for many drivers, and it comes with a wide array of benefits. One of the most important benefits of purchasing a Toyota from our dealership is that you own the car. This means that you have control over it and can modify it however you wish.

For example, if you want to paint your Toyota a different color or install additional accessories, you can do so.

Since you own your vehicle, you’re also free of any penalties for mileage or wear and tear. You can drive for as many miles as you want, making it a great option for people who spend a lot of time on the road.

Finally, buying a vehicle is an investment. You can sell your Toyota at any time, giving you more flexibility. When you trade in your vehicle at our dealership, you can then apply its worth to your next vehicle purchase, making your next car-buying experience even easier.

Buying a Toyota: Disadvantages

Like leasing, buying a vehicle does have some downsides that are important to consider. For example, your monthly payments are usually higher when you purchase a vehicle. To make these payments lower, you should try to put down a significant down payment.

The cost-to-own is also higher when you own a vehicle, as you’re responsible for all maintenance and repairs when the warranty is up. This means that you will have to pay for any service appointments your car needs.

While you have the benefit of owning your Toyota, you may also encounter issues or losses when it comes time to sell or trade. Lastly, your cash is tied up in your auto loan while the vehicle depreciates.