Should I Buy or Lease My Toyota?

Should I Lease or Purchase My Toyota Vehicle?

Is it better to lease or buy your new car? It’s truly an age-old debate and while there is no definitive answer, there are, in fact, a plethora of advantages to each decision you make! If you are in the market for a new, used, or certified pre-owned Toyota, and you are unsure whether you would like to finance or lease, our Toyota of Morristown dealer is here to help. To help you determine which option is right for you, we’ve highlighted some of the pros and cons to each option below!

Toyota Lease Vs. Finance

Pros of Financing:

• Once you pay off your car loan, the vehicle is all yours to keep. 
• You won’t need to worry about being penalized for exceeding your mileage. You can drive an unlimited amount of miles each year. 
• You can modify your vehicle in any way you would like (repaint, install custom equipment, etc.) 
• You can reap the benefits of selling or trading your vehicle in. 

Cons of Financing:

• Your down payment and monthly payments will likely be more expensive. 
• Unfortunately, your vehicle can lose resale value quickly.
• Interest will build up on the loan over time.

Toyota Lease or Purchase?

Pros of Leasing:

• Monthly lease payments are typically lower than monthly loan payments.
• Leasing a vehicle provides you with the chance to transition from vehicles more frequently and for less money. 
• At the end of your lease, you'll have the option to start a new lease or purchase your vehicle.
• Depending on your lease term, you’ll likely be covered by a manufacturer warranty for the duration of your lease. 

Cons of Leasing:

• You'll have to pay extra mileage fees if you happen to exceed your yearly limit. 
• It can be difficult to get a lease with a poor credit score.
• You must keep the vehicle in like-new condition. 
• You cannot make any modifications to your vehicle.

Learn More From Our Toyota Finance Center Serving New Jersey Auto Shoppers

If you have any questions about our financing or leasing processes, or you would like to schedule a test drive in one of our new or used Toyota models, please don’t hesitate to contact us at Toyota of Morristown!