Once you begin car shopping, there are lots of decisions to make. Do you want a car, truck, or SUV? Which features are most important to you?
One question that buyers often ask is whether they should buy or lease a Toyota. When you visit Bell Road Toyota, we'll tell you the pros and cons of both options.
How Does a Lease Work?
Buyers always have the option of leasing a vehicle from our dealership rather than buying or financing. When you lease a vehicle, you agree to a set term, which typically lasts two or three years.
The total cost of your lease is determined by looking at the vehicle’s value on your purchase day and its estimated value at the end of your lease. That depreciation is the amount you’ll be responsible for paying, plus taxes and fees.
What are the Benefits of Leasing?
Considering you are only responsible for the vehicle’s depreciation, leasing allows you to get into a new vehicle much more affordably than by buying. This also gives you the opportunity to continuously upgrade your vehicle to the newest models, with the newest technology.
Leasing also provides the following perks:
- Warranty coverage during your lease
- More vehicle options available to you
- No hassles involved with selling
What are the Benefits of Buying?
Buying is a better option for buyers who don’t want to always have a car payment. By buying, you can eventually pay your car off and live without an auto payment. Plus, that lets you build up equity which can eventually be used as a trade-in.
When you finance a vehicle, you also get to enjoy:
- No mileage restrictions
- Endless customization options
- Freedom to refinance over time
Ready to get into a new vehicle? We’re ready to help! Visit our Toyota dealership in Phoenix, AZ to discuss your financing and leasing options today.
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