Buying vs. Leasing Your Next Toyota
When it comes time to get your next new vehicle, you may be wondering about whether buying or leasing would be better for your needs. Both options have their pros and cons. Here at Lawley Toyota, we help our customers make the decision based on their unique needs.
Buying a Toyota
Most shoppers don’t have the cash on hand to pay for a new car or truck outright, so they will take an auto loan. We work with many lenders to get our customers the best deal on their loan.
Chances are you’ll need to put money down if you purchase your car. From there, your monthly payment will be calculated to pay off the entire value of the car plus interest in a certain number of years. You can expect that this payment will be higher than if you leased the vehicle.
Buying a Toyota is a great choice if you have a long commute, take long road trips, or do a lot of driving in general since most lease agreements have a mileage limit. Plus, if you hope to one day pay off your car and drive payment free, a loan is your best option.
Leasing a Toyota
Leasing a Toyota is similar to renting it for a defined period of time. You’ll sign lease terms and pay a monthly amount that covers the car’s depreciation while it’s in your possession. You can expect this amount to be lower than if you purchased the same vehicle with a loan.
Leasing is an excellent option if you want a newer, nicer car at a lower monthly payment, if you don’t have a lot of money to put towards a loan, or if you like to drive a new car every few years.
At the end of your lease term, you’ll return the vehicle to the dealership, so you won’t have the opportunity to drive payment free.