Should I Buy or Lease?

When it’s time for a new or certified pre-owned Toyota in Akron or Massillon, are you asking yourself if you should buy or lease? If so, the finance department at Toyota of North Canton can help! We’ve broken down the pros and cons for both sides in leasing vs. buying your next vehicle. Both options are great—the one that’s best for you will depend on your financial situation and lifestyle. Find out more about leasing vs. buying with us! 

Leasing vs. Buying a Vehicle

If you’re wondering if you should buy or lease a car, start by taking a look at what each entails. A lease is essentially a long-term rental agreement in which you won’t own the vehicle unless you opt to buy it at the end of your lease term. As with any rental, you’ll have requirements on what condition the car will be in when you return it. Generally, that means you’ll be expected to stick to mileage and wear and tear restrictions. When you buy a vehicle, you own it from the time you sign the paperwork. Since the vehicle is yours, you don’t have to meet any further requirements from us or Toyota. 

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You can make a smaller down payment and you’ll likely have lower monthly payments compared to buying a vehicle. 
• Worry-Free Maintenance: Many vehicles will come with a three-year lease, which means your Toyota new vehicle lease will cover any repairs due to manufacturer defects. Your maintenance will also be free for the first two years through ToyotaCare, although this applies to a Toyota you purchase, too. 
• No Worries About Resale: When your lease ends, all you have to do is return the car, make any remaining payments, and then you can acquire your next car however you like. You can even purchase the car you leased. 
• Get a New Car Every Few Years: With a three-year lease, it’s easy to always be driving the most state-of-the-art new car. 

Cons: 

• Mileage Requirements: If you enjoy long road trips, you might be charged additional fees if you drive more miles than allowed by your lease agreement. 
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car and that’s going to be a constant during the time of the lease.

Pros and Cons of Buying a Car

Pros:

• Ownership: Your car is yours as soon as the paperwork’s completed, and you can do whatever you like with it, from customization to keeping it for as many or as few years as you like. 
• Customize Your Vehicles: From bumper stickers to parts and accessories that make your vehicle convenient for the way you drive, you’re free to do whatever you like. 
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Cons:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15 and 50 percent of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring. 

Get a Great Deal on a Toyota at Toyota of North Canton! 

No matter if you decide you should buy or lease your next Toyota, you’ll find a great price at Toyota of North Canton! Apply for financing with us for the best loan interest rates available to you. Learn more about ways to make getting a new vehicle work for you when you read our car-buying tips.