Should you lease or finance your next new Toyota?

Leasing a new Toyota vs buying a new Toyota

If you are in the market for a new Toyota model, then you may be weighing the differences between leasing one and financing one. They really are two different ballgames, and it is important to know what you would be getting into for either scenario. Let’s take a closer look at leasing a new Toyota vs buying a new Toyota to see which may work out the best for you. 

The leasing experience 

When you lease, you can drive a new vehicle every few years without paying for the entire cost of the vehicle. That being said, monthly payments will go on indefinitely if you keep leasing a new car every few years, so you may end up spending more in the long term than you would by financing a vehicle and keeping that for many more years. However, your monthly payments on a lease will generally be lower than the monthly payments you’d have if you were financing. 

As you lease, you generally don’t have to worry about many of the routine maintenance expenses, as they are often included in the lease contract. Wear and tear beyond the norm, however, can cost you like it would any other vehicle. You will be held to a limit of miles each year, so if you surpass that mileage limit, you could be responsible for additional costs. When your lease is up, you can bring it right back to the Toyota dealer, including here at San Francisco Toyota, and start a new lease or change up how you want to drive your next vehicle. 

The buying/financing experience 

One of the biggest benefits of financing a vehicle is that it will be yours once it is all paid off. There will be no limits to the number of miles you can drive at any time. You can also customize your vehicle in any way you want, whereas you cannot do that with a lease.  

When it is time for routine maintenance and other costs, you will have to rely on the specific warranty and then your own bank account. Also, to get your money’s worth once it is paid off, you will want to keep the vehicle for as long as you can. While that will mean no monthly payment once the Toyota model is paid off, you might get that old FOMO (fear of missing out) on some of the newer features and technology in current models. 

Lease or buy at San Francisco Toyota 

Neither leasing nor buying is simply better than the other. It is all going to depend on your financial situation, your lifestyle, and your preferences. Everything is going to depend on your current needs and wants, so we cannot tell you to go one way or the other. We will, however, be happy to guide you whether you want to lease a new Toyota or buy a new Toyota, and we can discuss which scenario might be best for your given situation. Contact us today! 

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