We understand that choosing the decision to get a new vehicle is a tough one and many factors are considered before making that final choice. If you have decided that now is the time to either replace your current vehicle with a new one, let's look at the options of buying vs. leasing a new Toyota.
Leasing a New Toyota
- Up Front Costs - When looking to lease a new Toyota the up front costs associated are typically a down payment, the first month's payment, all taxes and registration fee's and potentially a refundable deposit fee.
- Ownership - When you lease a new car or truck, you do not own it. Instead, you use the vehicle for the agreed upon length of time. You do not sell the car at the end of the lease. You can either extend the lease, purchase the car, minivan, SUV or truck at a lower rate or return the vehicle.
- Mileage - When leasing a new Toyota, the mileage allowed is normally between 12,000 — 15,000 miles per year. You may be able to get a higher mileage limit on the leased vehicle. Going over the mileage limit may mean paying for the additional miles at your lease end.
- Monthly Payments - With a lease agreement, your monthly payments are almost always lower than a standard car loan. This is because you are only paying for the interest and depreciated value of the vehicle during the leasing agreement.
When To Lease A New Toyota Car or Truck
- If you drive less then 12,000 — 15,000 miles per year.
- If you like the security of driving a new car that is under full warranty.
- Looking for lower monthly payments.
Buying a New Toyota
- Up Front Costs — When buying a new car, minivan, SUV or truck, you will pay taxes, registration and sometimes a down-payment--depending on budget goals.
- Ownership - When buying a new Toyota, you keep it for as long as you like after the final payment has been made. If you choose to sell the vehicle, you keep the money. You can also use this vehicle as a trade-in towards the purchase of a new vehicle.
- Mileage - When buying a new Toyota you will not be limited on the miles or charged any extra fees for going over.
- Montly Payments - When purchasing a new Toyota the monthly payments on the loan are typically higher than a lease. This is because you are financing the full price of the vehicle with interest, and not just the depreciated value for the term of the lease agreement.
When To Buy A New Toyota Car or Truck
- You drive over 15,000 miles in a year.
- You do all of your own repair work and maintenance.
- You customize your cars--such as tint, new rims, larger tires, etc.
- You keep your vehicles long-term.