When purchasing a new vehicle, it's important to consider your options carefully. Besides selecting the make and model of your car, SUV, or pickup truck, you'll also need to decide whether buying or leasing is the right choice for your situation. Luckily for you, Venice Toyota is here to help! We've compiled the following details that will hopefully help you make the right decision for you and your family.
When you lease a car, choice and convenience are primary perks. Motorists can select to drive a brand-new vehicle every few years without making a buying decision or dealing with selling or trading in a vehicle.
Standard leasing terms typically fall between 24 and 60 months. The shorter the leasing term, the more affordable your payments will be. Additionally, you can choose the mileage per year that suits your lifestyle. Often, 12,000 or 15,00 miles per year is allowed; however, you can always select to purchase higher mileage allowances when signing your lease.
Since leasing a car is temporary, your monthly payments, as well as your financial responsibility, are decreased. Leasing may be a smarter option for you if you're unprepared for a large down payment and greater monthly payments, as some lease offers have zero down payment requirements.
Standard leases last two to three years, so your vehicle typically comes with both a powertrain and bumper-to-bumper warranty that protects you from repair costs during the entire lease period.
All you have to do when your lease is up is return the car and pay any fees, which could include excess mileage, wear and tear, or taxes. As a bonus, you also have the option of purchasing the vehicle you've grown to love, following the end of your lease, for a predetermined price. If you decide you'd like to drive a different vehicle going forward, then you won't have to worry about selling or trading in your leased car.
The main advantage of purchasing your vehicle is ownership. Buying is the smarter option for most if you plan on keeping your car for the long-term. Another perk when you buy rather than lease is that you are free to customize your vehicle to fit your preferences, needs and lifestyle.
You'll never have to be concerned about exceeding mileage limits when you purchase a vehicle. When you lease, you are required to estimate how many miles you may drive in a given year, and there can be added fees if you go over the allotted mileage. When you buy a car, though, you get to decide how many miles you put on your vehicle, which means you can take unlimited road trips without worrying about the miles you're traveling in any given year.
You have plenty of payment options when buying a new car: you can purchase with cash or finance -- or a combination of both. When you pay with cash only, the vehicle becomes yours immediately -- with no monthly payments to deal with! If you go the financing route, you'll have an extended amount of time to pay off your vehicle, thanks to your loan package. For great results when financing, familiarize yourself with your options and select the optimal loan rates available to you, such as those offered by Venice Toyota and our in-house finance department.
Once you have paid off your vehicle -- which is typically done within four to six years -- the car is now yours. You can either continue to drive it for as long as you want or sell or trade it in when you're ready to upgrade. Once you pay off your car loan in full, you can enjoy no monthly payments -- something you won't have if you always lease a vehicle. No more monthly payment means that you'll have extra funds that can be put towards savings or other expenses.
For more information on buying versus leasing a new Toyota, give our team a call at 941-484-9000. To learn more about our dealership and the services we offer, come visit us in Venice, FL. We look forward to serving Sarasota area drivers as well as car buyers from nearby Bradenton and beyond!