If you want to drive newer, safer, more reliable cars, but prefer not commit to a big down payment every 3-4 years, and also do not drive an excessive amount of miles annually, then a new car lease should be best for you. Leasing is best for those who prefer to bypass the hassle of selling and buying every time they want to get into a new car.
On the other hand, if you like long term relationships with a greater sense of commitment and ownership, then buying could be what’s best for you. Car-buying is typically best for consumers who will not mind driving the same car or truck for over five years or even until the vehicle is no longer suited for the road.
Being aware of the pros, cons, and overall benefits of leasing vs buying a car or truck is important. Be sure to acknowledge factors such as potential savings, vehicle ownership, monthly payments, and repair costs when considering the best new car, truck or SUV financing type for you.
When it comes to vehicle financing, new car ownership absolutely comes with many advantages, most associated with entire ownership of the car, truck or SUV. You may not be aware, but, there are also some nice upsides of leasing, as well. It’s imperative to consider all financial aspects including interest rate, down payment, monthly payments, term length, buyout payments, depreciation, and maintenance & repair costs, before making a decision. A meticulous audit of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the best choice between leasing and buying a new car or truck.
Car, truck, or SUV lease payments are often less expensive in comparison to auto loan and car financing payments as the normal lease format is more-or-less renting with the option to purchase near the end of your lease term. Keep in mind when leasing that you’ll need a healthy credit score, and will be required to carry collision and comprehensive insurance, although the same can be said for the lower rate auto loans. Although it could likely increase your monthly payments, it is also better to choose a model with the features you need or want, as personal satisfaction is often priceless.
Auto leasing often includes regular vehicle maintenance & repair. It’s important to remember this when calculating monthly costs of ownership vs leasing. Regardless of what make and model you choose, mechanic bills are an unpredictable cost that can quickly add up. And for those who aren’t certified auto mechanics with a hydraulic jack and full toolset in the garage, leasing may be the best option for peace of mind.
Generally speaking, a new vehicle lease saves money in the short term with lower monthly payments, while buying gets you a long term investment, meaning full ownership of the value of the car or truck at the time it is traded, sold, or paid-off. For best value on a lease, avoid lease return fees for going over mileage, terminating the vehicle lease early, or putting on excessive wear and tear. For your best investment on a purchased/financed vehicle, you can pay it off quickly and also avoid excessive wear and mileage.
|Maintenance & Repair Costs
|Smaller Down Payment
|Larger Down Payment
|Smaller Monthly Payments
|Larger Monthly Payments
|Pride of Ownership
|Approx. 2-4 Years
|Approx. 3-6 Years
|Short Term Savings
|Long Term Investment
|Poor Credit Financing
Sterling McCall Toyota knows that choosing the right Toyota car and financing option is never easy. Our team of experienced Toyota lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location in Houston, TX. We look forward to serving you.
Fast efficient. Professional
I would definitely like to give a shout to Ernest..who helped during my visit even thought l wasn't plan on staying for 1hr and half he still provide me with best Service anyone could ask for ...He was so patience with me when l didnt quite understand what was going with my car..He literally broke it down for me..l walked out of there a satisfied customer..Thank you so much Ernest!!
Went for service. Took less than an hour for oil change and tire rotation with a couple other things. Very nice people who tend to you. Definitely a pleasure to stop here.
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