The financing journey of purchasing a new (or new-to-you) car can be downright nightmare-inducing at the worst of times. But, with a little research on the part of the buyer mixed with a friendly and knowledgeable finance staff the process can actually go smoothly. One of the decisions that buyers will have to make before their purchase is whether to lease or buy. The Fox Toyota staff gets countless questions on this often confusing topic. To help shine a light on leasing vs buying we have listed the 3 advantages of leasing a Toyota below. Later this month we will release another blog post on the benefits of buying so keep checking back to learn more.
3 Advantages of Leasing a Toyota
The decision to lease or to buy will be different for everyone. There is no one-size-fits-all answer, and that is one of the reasons it can be so confusing! We have listed some of the advantages of leasing below. If these advantages align with what is important to you in the life of your vehicle, than leasing might be the best fit for you.
Lower Monthly Payments
In most cases, a lease agreement will result in a smaller monthly payment. This is because with a car loan you are financing the entire cost of the vehicle and with a lease you are financing the depreciation of the vehicle over however many years you are leasing it. The remainder of the vehicle cost is incurred by the dealership and/or a new lessee.
No Need to Sell
If you purchase a vehicle (and pay off the loan) then the vehicle is yours to do with what you wish. If you ever wanted to get rid of the vehicle you would need to figure out a trade-in or sale. The end of a lease is much simpler. You conveniently hand over the keys to the dealership and walk away.
When leasing a car you have a predetermined time frame of use that is usually shorter than the time frame of ownership for people who purchase. For example, you may have a three year lease and your neighbor who purchased their vehicle may drive it for six years. You will be in a new modern vehicle three years sooner than them and your vehicles will stay up-to-date with modern technology.
Not sure if leasing is right for you? Check back later this month to see a new post on the benefits of purchasing a Toyota. Until then, find a current selection of new Toyotas and used inventory at Fox Toyota in Clinton, TN.