Learn about your options as a Jim Norton Toyota customer as the end of your lease approaches!
Lease End Invoice:
In the debate between buying and leasing, there are many opinions and viewpoints. One thing is for certain, though, leasing makes sense of a lot of drivers, given certain circumstances. Here, we'll explore the many benefits that come with leasing a new car, including cost, flexibility and more.
The team at Jim Norton Toyota is here to help Tulsa, Oklahoma, area motorists decide whether it is better to lease or buy their next car here at our Toyota dealership. After reading this article, we hope you'll have a better sense of which option makes more sense for your preferences, budget and current situation.
Without further ado, let's review the pros of leasing a Toyota compared to buying. Remember that if you have any questions following this buy versus lease comparison, you can reach out to our helpful staff for assistance!
When you lease a car, you only pay for the use of the vehicle for two or three years, depending on your lease term. Since you won't pay for the car's entire value, your total cost will be much lower than with buying. Since the total lease cost is less than buying, the amount of sales tax you pay with a lease is also less!
With a lower overall cost comes lower monthly payments, which should certainly help you stay within your budget. Leasing often allows you to drive a better or pricier car than what you could afford in monthly payments to buy a vehicle. Plus, leases often require a lower down payment than buying - or no down payment at all.
Many motorists love the peace of mind that comes with leasing a new vehicle every three years, as each car they lease remains under its factory warranty. A new or nearly new car typically translates to much lower repair costs, since the vehicle's factory bumper-to-bumper and powertrain limited warranties are still intact.
Flexibility is key in life, and leasing gives you that flexibility to change course with your mode of transport every two or three years. With a lease, you can more easily transition from one car to the next without having to deal with negotiating a sale or trading in the vehicle. At the end of the lease term, you simply return the car and select your next vehicle. Or, you can choose to buy out your lease, which entails paying for the remaining value of the vehicle so that you own the car outright.
Now, let's look at some of the disadvantages of buying a new vehicle. One of the key cons of buying a new car is depreciation. Vehicles experience their steepest depreciation in the first three years of ownership, which means your car will lose significant value over the time you could have leased.
Buying a new car costs you more than leasing it, which means higher monthly payments and more money tied up in a depreciating product. Since you are paying for a new car's full value, you may not be able to afford to drive your ideal vehicle, which may have been possible had you leased.
Expect to pay a higher down payment when buying, to avoid being upside down on your loan -- or owing more than the vehicle is worth. If you don't have a lot of money to provide upfront, leasing may be the better option for you.
When you buy a car, you're ultimately responsible for the costs of maintaining and repairing it out of warranty, as well as selling it when it's time to move on to your next vehicle. Many drivers enjoy the hassle-free nature of leasing over buying for these reasons and more.
Now that we've covered the benefits that can come with leasing, should you lease a car? Well, that depends on your unique situation, lifestyle, preferences and budget. Still, many motorists appreciate the lower costs and greater flexibility and peace of mind that come with a new car lease.
Jim Norton Toyota invites Broken Arrow, OK, area car shoppers to consider the current lease offers and incentives available on the latest Toyota cars, trucks, SUVs and crossovers at our Tulsa dealership. We've made our lease specials available online, so you can get an idea of what your monthly payment may be should you choose to lease over buying or financing.
Don't wait to explore our complete inventory of new Toyota vehicles for sale near Sapulpa, OK, via our website. Our Toyota sales specialists are standing by to assist you in your new car search and with any questions you may have about the lease process!