When you decide to purchase a vehicle, one of the biggest decisions you’ll make is whether to buy or lease. A Toyota lease can be a great option, it just depends on what you need. This is a handy guide for when it’s a good idea to lease, when it’s best to buy, and the pros and cons of each.

Buying

Buying a vehicle is the conventional way to purchase a vehicle. It simply involves securing a loan to cover the cost of the Toyota near me you’ve decided to buy, then paying down the principal and interest of the purchase over time.

There are both benefits and drawbacks to this approach. You build equity or ownership of the vehicle over time as you pay down the loan. You also have flexibility for modifications and can drive the car as many miles as you want.

Some downsides include responsibility for all repair and maintenance costs, and extra taxes and fees when the vehicle is purchased.

Buying a Car

• Pros include creating equity, no penalty fees, no limits on mileage, and finite payments
• Cons include damage and repair costs, as well as a higher overall cost

Leasing

Leasing a vehicle is just what it sounds like. You never get complete ownership of the vehicle, but instead rent it from the dealership. This means you aren’t building up equity in the vehicle, but this does have several benefits.

The most noticeable benefit is you’ll always be driving a brand-new or at least almost brand-new vehicle from a Toyota dealership. The safety features and technology inside your car will always be pretty much the latest on the market.

There will also be less hassle when you finish your lease and exchange your vehicle for a new one. Instead of negotiating the trade-in value and dealing with warranties and fees on a new purchase, you just drop off your vehicle at the dealership and choose your next lease.

Leasing a Car

• Pros include lower payments, no warranties, no repair expenses, driving the latest vehicle models, and less hassle with warranties and fees
• Cons include limits on annual mileage and modifications, and no way to build equity on your vehicle

The important thing is to think about how you’re going to use your car, and then see whether leasing or buying matches most closely what you want out of your new or used Toyota.

St. Cloud Toyota

At St. Cloud Toyota in Waite Park, MN, you can expect great service every time. Our experienced Finance Department is happy to walk you through the buying or leasing process, and there are lots of options on new and used Toyota vehicles for sale and lease. Visit us today to ask any questions you have or begin the process of getting your vehicle!