When you’re in the market for a new vehicle, you may be wondering how you should pay for the car. Should you buy or lease the vehicle, and what is the difference between lease vs. buying? There are benefits to both options, but your decision will ultimately depend on your finances and what kind of car you prefer to drive. Learn more about lease vs. buying with Toyota of Brookhaven below, then contact our finance team if you have any questions!
Leasing a vehicle means you essentially “rent” the vehicle from the dealership over a predetermined period of time. Leasing a vehicle is a great way to stay up to date on the latest car technology and pay less money upfront. We’ve listed the benefits of leasing for you below:
Lower Payments: The costs of leasing a vehicle in Jackson are significantly less than if you were to purchase one. Monthly payments and down payments are low, which gives you more cash for other expenses.
Trade-Ins: When your lease term is up you can trade-in your current car for a newer model. All you need to do is pay off any remaining fees you have and sign a new lease agreement.
Less Sales Tax: In some cases leasing a vehicle will reduce the sales tax dramatically. In some instances, you may only need to pay tax on your downpayment and your monthly payments.
Options: Leasing a vehicle allows you to pick the car that’s best for your changing lifestyle. If you need to upgrade from a sedan to an SUV, leasing makes it easy.
Great Coverage: When you lease a car you have excellent warranty coverage that will cover your vehicle maintenance and any issues that occur as long as you’re under your mileage limit.
Benefits of Buying
When you buy a car you are taking out a loan from the dealership or another lender and paying it back until you own the car in full. Also known as financing, buying a car has many advantages, we’ve listed them for you below:
Less Cost Over Time: Buying a car is more expensive upfront, but over time you’ll spend less money as you pay off your loan. After you’ve paid off your loan and own your vehicle in full, the cost of ownership drops and will continue to fall over time.
No Mileage Restrictions: When you finance a vehicle you’re not limited by mileage restrictions. If you’re fond of long trips around Monticello then you may benefit from buying over leasing.
Financing Options:Applying for financing is typically more straightforward than leasing a car, and McComb drivers that are worried about their credit scores will find it’s easier to finance a vehicle than it is to lease it. Plus, if you make all of your loan payments on time, you can improve your credit score significantly. If you raise your credit score, you can then refinance your loan to lower your interest rate and monthly payments.
Total Ownership: When you finance a vehicle it’s yours completely. This means you can customize the vehicle to your liking by painting it, adding accessories, or even making modifications.
Ability to Sell: Since you’re not bound by a contract, you can opt to sell your vehicle at any point you choose.
Buy or Lease With the Toyota of Brookhaven Finance Team
Don’t feel rushed into deciding whether you should buy or lease your next vehicle, take your time to find the car you want, then plan your budget using our payment calculator. You can also look into saving more on your down payment by finding the value of your current vehicle. When you’re ready to discuss buying or leasing your next car, contact us and we’ll set up a time for a test drive and discuss your options with you. We look forward to hearing from you!
