When shopping for a new Toyota, you can choose to either lease or buy the vehicle. Some customers have a difficult time deciding the best route to take. We'll outline the pros and cons of both options.
Benefits & Disadvantages of Buying
PRO - Ownership: Many people love the thought of owning their vehicle. Once you’ve finished making monthly payments, the car is entirely yours.
PRO - Fewer Restrictions: When buying a new vehicle, you won’t have to worry about exceeding any mileage restrictions. This is a huge advantage for drivers who spend a lot of time on the road. Furthermore, you’re free to make customizations to the vehicle.
PRO - Trade-In: Car owners always have the option of trading in their vehicle, saving money when buying a newer model.
CON - Responsibility: After your vehicle’s original warranty expires, you’ll have to foot the bill for any necessary repairs.
CON - Higher Payments: On average, buying is more expensive than leasing.
Benefits & Disadvantages of Leasing
PRO - Lower Payments: Leasing is an excellent choice for car shoppers who’re seeking lower monthly payments.
PRO - Enhanced Warranty Protection: Your warranty will last the entire leasing term, which means repair costs can be avoided.
PRO - New Technology: When your lease is up in a few years, you can upgrade to a brand-new model. This means you’ll always have access to the latest features.
CON - Restrictions: Unfortunately, leasing puts you under certain restrictions. Not only will you have an annual mileage limit, but you also can’t make any customizations to the car.
CON- No Value Built: When leasing a vehicle, you won’t be building any value as you make monthly payments. The vehicle must be returned to the dealership at the end of your term.
