The question of leasing versus buying a vehicle can be very intimidating to some people. That is why our knowledgeable staff at Heyward Allen Toyota strives to make sure that you know the facts when it comes to buying versus leasing. Our sales staff is eager to work with you to find the best option for your lifestyle and budget, whether you lease or purchase your next vehicle.
A new Toyota every few years without having to worry about selling or trading in your old one. Seem too good to be true? Your Toyota dealer and Toyota Financial Services may be able to help find the right lease for you. Most lease customers pay less cash upfront and have lower monthly payments than they would with a finance contract. You may get 24-60 month lease terms on new Toyota and qualified Toyota Certified Vehicles. You’ll even have the option to purchase your vehicle at lease end.
Benefits of Leasing a Toyota
If you like to drive a new vehicle and are thinking of trading in your vehicle for a new model every two to three years, leasing is a great option for you.
Lease payments are typically lower than if you were to purchase the same car.
Lease programs that require $0 or little money down might be a good fit for you if you don’t have the cash on hand to make a large down payment.
Leased cars are typically covered under the manufacturer’s warranty for the duration of the lease. Such warranties are usually bumper-to-bumper and cover any needed repairs.*
Leases are great if you want your vehicle to have the newest technology. Since you are always driving a car that’s only a couple of years old, you can rest assured that whatever model you lease, it will have the latest hi-tech options.
Try it before you buy it. You won’t have to worry about buyer’s remorse with a lease. At the end of your lease, you can always trade-in your vehicle for a model that’s more to your liking. By the same token, if you’ve fallen in love with your leased vehicle, you can exercise your option to purchase it when your lease is up.
Benefits of Buying a Toyota
If you like to keep your vehicle for as long as possible, then buying a vehicle is a great option for you. While payments are typically higher when purchasing, every time you make a payment you are building equity in your vehicle and eventually, you’ll own your vehicle outright.
Unlike leasing, there are no mileage restrictions when you purchase a vehicle. If you put a lot of miles on your vehicle, then buying is probably your best option.
If you keep your vehicle past the life of the loan, you’ll eventually be free of loan payments.
Insurance costs are generally lower on vehicles you purchase than on vehicles you lease.
You’re free to sell your vehicle at any time.
You don’t have to worry about accidentally spilling coffee on your carpet which might leave a minor stain. -Under a lease agreement, you’ll be held financially responsible for that stain when you turn your vehicle in at the end of the lease.
You can add accessories or make modifications to your vehicle when you own it.
Additional details you should know:
There are mileage limits calculated by dividing the number of months in the term by 12 and multiplying this amount by 15,000 (standard lease) or 12,000 (low mileage lease). If there’s any damage beyond normal wear, an excessive wear and use fee may be collected. The Excess Wear & Use Protection Plan can help you avoid these fees.
A disposition fee will be applied at the end of your lease to help cover the costs to sell or dispose of your vehicle. We’ll waive this fee for qualifying customers who lease or finance their next vehicle with TFS through a Toyota dealer.
You can return your vehicle at any time. However, early termination charges may apply , which can be substantial.