Buy Vs. Lease
BUYING A TOYOTA CAR VS LEASING A TOYOTA CAR COMPARED
Whether to buy or lease your next Toyota car is an important question that every vehicle shopper needs to decide. Our Toyota dealership has put together a short questionnaire that can help our St. Robert area customers decide which option may be best suited to their current lifestyle, driving habits, wants, and needs.
We have also summed up some of the more important points debated by both sides.
You're more likely to buy
- When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. And that can really add up.
- If you like to personalize a car, this investment can be lost on a leased car.
- If you like the idea of ownership, you are less likely to be happy with the lease option.
- If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
- If the car you presently own is over 3 years old you are more likely a buyer. While not always true, you can usually drive for less if you're willing to buy and drive for at least 3 years.
- If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires.
You're more likely to lease
- Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.
- When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.
- Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
- Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.
- If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.
- If you own the company, and you use your car for business, check with your tax advisor. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.
Purchase
- When you own your car, there is no limit to how much you can use it, whether you only drive it to church once a week on Sundays, or take cross country road trips every summer.
- Higher mileage may accelerate depreciation
- Adding decals or painting your car a new color, and adding accessories like new wheels or cargo nets in the trunk are fun ways to personalize a vehicle you own.
- Owning a vehicle requires a larger down payment as well as larger monthly payments
- When the payment schedule ends, customers will truly own the car, unlike lessees.
Lease
- Leasing allows drivers to use vehicles that are typically outside their price range at small monthly payments.
- Our customers will always be able to drive the latest model when they lease.
- Leasing typically involves mileage caps, and just like with your smartphone data, exceeding the amount in your plan can lead to expensive overage fees.
- Leased vehicles are returned to the dealership at the end of the lease, which means personalization is not an option.
- Simply dropping the vehicle off at the end of the term means lessees escape the hassle inherent in selling a car.
- A leased vehicle will almost always fall under warranty for the complete duration of the lease.
- The warranty may become void if the driver does not follow the maintenance schedule.
Do you still have questions about leasing or financing at Seeger Toyota? Leave a message and your contact information via our online contact form or by phone at (573) 336-7111, and we'll be happy to answer your questions.