Buying vs Leasing: Which is right for you?
Have you been thinking about purchasing or leasing a new vehicle? It’s a huge decision, and we understand that each option offers different advantages. To help you make the right decision, we’ve collect plenty of information to answer questions you may have. Have more questions? Feel free to contact us! We at Bob Richards® Toyota look forward to serving you.
Why Lease a Vehicle?
Benefits of Leasing a Toyota
Freedom of Choice
Two of the greatest benefits of leasing a vehicle are freedom and flexibility. When leasing, customers can delay the purchase decision and have the freedom to drive a new vehicle every few years if they choose, without the hassle of having to sell or trade your vehicle.
On average, leasing terms can last between 24 to 60 months. This allows you to make affordable payments with shorter terms. In addition, you get to choose your mileage. Lessees are typically given 12,000 or 15,000 miles per year, but if you require a higher mileage limit, you have the option to purchase more miles at signing.
Because you’re only purchasing the right to use a vehicle for a period of time, your financial responsibility and your monthly payments may be reduced significantly. Also, if you have a small down payment, then leasing may be better for you, as there are often leasing options that require $0 down.
Because most leases last for two to three years, your vehicle generally provides warranty protection for as long as you drive it.
When a lease expires, you simply turn your vehicle in and pay off any remaining fees (such as for excess mileage or wear and tear) and taxes. If you’d prefer not to part with your vehicle at lease-end, you can also take the opportunity to purchase it at a predetermined price. In either case, there’s no need for you to sell it or trade it in unless it benefits you.
Why Buy a Vehicle?
Benefits of Buying a Toyota
Ownership is the greatest benefit of buying your next vehicle instead of choosing to lease. If you are looking to keep your vehicle for an extended time or for as long as possible, then buying is the better option for you. Plus, choosing to buy rather than lease provides you with the freedom to customize your vehicle to match your lifestyle.
No Mileage Restrictions
When financing your vehicle, you are responsible for the miles you travel and don’t have a mileage restriction like you would with leasing. Leasing requires that you calculate in advance how many miles you will drive each year. Ownership allows you to drive as much as you like and as far as you desire without accumulating fees.
When purchasing a vehicle, you can buy with cash or choose to finance. If you buy with cash, you immediately become the owner of the vehicle and don’t have to worry about monthly payments. If you choose to purchase a vehicle by utilizing a finance program, you pay down the loan amount over an extended period of time. For the best outcome when financing, we strongly recommend that you acquire the most affordable, reliable and competitive rates available, like what we offer here at Bob Richards® Toyota.
At the completion of your payment schedule, typically four to six years, you own your vehicle. You can keep driving for as long as you desire without any further payments, or choose to sell or trade at any time. Once you own the vehicle, you no longer have to make monthly payments, which means you could place those same funds toward your savings, should you choose to do so.
If you’re interested in learning more about buying versus leasing, would like to check out our great selection of new models and quality pre-owned vehicles or are interested in learning more about your lease-end options, feel free to contact us directly or visit us at 5512 Jefferson Davis Highway, North Augusta, SC 29841. We proudly serve our customers from North Augusta and Beech Island, SC, and throughout Augusta, GA.