Buying vs. Leasing

Benefits of Leasing

Leasing is often a much more affordable option than buying. When you lease a car, you have lower monthly payments, a smaller down payment, few to no maintenance and repair costs, and tax breaks. Drivers on a budget will definitely want to look into leasing.

Leasing also offers more flexibility than buying. If you don’t want to lock yourself into a car for the next ten years and want to be able to easily switch to a new car after a while, leasing is a great option for you.

A lease agreement usually lasts three years, and after that time, you turn your leased vehicle back into the dealership. Then, if you want, you can lease the same car, a newer version of that model, or a completely different car. Leasing means you can always get the latest technologies without the high price and complicated process of buying a new car.

Benefits of Buying

Buying a car may be more expensive in the short term, but eventually you can pay it off, and then you won’t have a monthly payment at all. If you continuously lease cars, you’ll always be paying for them, so it can actually cost you more in the long run.

Plus, owning a car gives you freedoms you just don’t have with leasing. For instance, leased vehicles usually come with mileage restrictions, and if you go over that mileage limit you’ll have to pay a fee. If you take a lot of road trips, leasing probably isn’t the best option for you. When you purchase a car, you can drive it as much as you wish without penalty.

You can also alter a car you own, whereas altering a leased car can void your lease agreement. Buying a car gives you the choice to change the color, add aftermarket parts, and much more.

Buying and leasing are both great options for getting a new vehicle, but the best choice comes down to your wants and needs. The finance team at Wondries Toyota will help you make the right decision for your situation and then work to get you the best deal possible.