Should I Buy or Lease?
Most people are familiar with the advantages that come with purchasing a vehicle, but what about leasing? Is there a big difference between the two? Is there a better option for you financially? Here at Springhill Toyota, we understand that it's a big decision whether or not to lease or buy, so we've researched the pros and cons of each. If you have any further questions, we have finance experts on hand ready with answers. To learn more about the advantages of buying or leasing, keep reading!
Why Lease a Vehicle?
Minimal Upfront Cost
When you lease a vehicle, you agree to make monthly payments with the knowledge that you'll return the vehicle to the dealership at the end of your agreed lease period. It is essentially a rental for an agreed period of time, so your financial responsibility and monthly payments may be lower. And with our new car specials, we offer lease deals that require no down payment to start your contract. Upfront costs to leasing can be little to none.
Lifestyle Flexibility
Generally, lease periods range from 24-60 months, allowing you to make affordable payments with shorter terms. Lessees are given around 12,000-15,000 miles per year to drive, but you can purchase more miles at the signing if needed. When leasing, you have the ability to drive a new vehicle every few years without the hassle of trading or selling, while still maintaining the option to purchase your Toyota at lease-end.
Warranty Protection
Because most lease periods last between two and three years, your new Toyota could still be covered under its ToyotaCare Warranty for the duration that you drive it. You also have the option to purchase an Excess Wear & Tear Protection Plan, which would waive the cost on everyday scratches and dents. The burden of an owner's financial responsibilities doesn't apply to lessees.
Why Purchase a Vehicle?
True Freedom
On the flip side, ownership is a huge benefit. Once you have paid off your loan, the vehicle is yours to sell, trade or keep for years to come. You have the freedom to keep your new car as long as you want. Plus, you have the option to customize your car to match your lifestyle. Owning a vehicle is a win-win investment that leasing can't offer.
Financial Flexibility
Although most finance terms require some form of a down payment, buying may be more financially responsible in the long run. You have more financing options than leasing, and you can choose to pay in full with cash or finance through us at Springhill Toyota or another lender. When you've completed your monthly payments for the vehicle, that money is secured when you keep the car, like a good return on an investment. When you lease, you're losing money when you return the car to the dealer.
No Mileage Restrictions
When you’ve finished your payments when buying, you're in charge. That means no mileage restrictions (and fees if you go over) or needed permission to leave the country with your vehicle like leasing would require. Ownership means autonomy from lenders, and the satisfaction of independence.
If you’re ready to be the proud owner or lessee of one of our new models, or are interested in learning more about your lease-end options, feel free to contact us online or visit us at 3062 Government Blvd, Mobile, AL 36606. We look forward to serving customers from Mobile, AL, near Daphne and Spanish Fort.