Leasing vs Buying a Toyota
Once you’ve established that you want to finance a Toyota, you’ll need to choose a payment plan. Some Odessa, Midland, and Andrews, Texas, shoppers may prefer leasing their cars while others may prefer buying one. Do you know which method could work for you? Let Lithia Toyota of Odessa show you the differences between leasing and buying.
When you embark on a lease agreement, the journey will be relatively short. The flexible agreement spans two to three years, so you won’t be tied down to the same car for long. In fact, you can upgrade to the newest and most innovative model in only a few years.
Generally, a lease requires lower monthly payments, which cover the cost of using the car. Plus, the down payment tends to be lower as well. This means that you may be able to opt for a more tech-laden, plush vehicle, depending on which Toyota you wish to lease.
Just like a new car, your leased Toyota will come with warranty coverage*. This can kick in if your car faces unexpected repairs or replacements. In the first few years of driving a car, you may not experience much more than routine service, so you can drive with confidence.
Congratulations on becoming the owner of your Toyota! A loan gives you ownership status, which can build much-needed equity if you plan to buy a house or a boat in the future.
If you pay off the car early, you’ll enjoy a few years without a monthly car payment. And when it’s time to get a new car, you can sell or trade in your car for fair compensation.
Since the Toyota is your vehicle, you can customize it as you wish throughout the life of the vehicle. Add comfort or convenience items to your Toyota or maybe add some custom details on the exterior of your car. This will make the car uniquely yours.
If you commute a long way to work every day or enjoy taking whirlwind road trips on the weekends and on vacations, you can rack up the mileage. You will not be under any mileage limitations, so this option works for road trippers.
Does one plan better align with your lifestyle and driving goals? Think about where you will be in five years. Should you stick with one car or experiment with multiple cars? The choice is yours!
To figure out what’s best for you, one of our savvy finance experts can advise you on the ideal path. They work with tons of customers every day who all come from different walks of life and may favor one of these arrangements more than the other. They know what may suit you better after reviewing your completed finance application and confirming your approval.
Choosing a Toyota you love is only the beginning of your car-financing journey. Now you need to decide between leasing vs. buying a vehicle. Get started by applying for financing first and then discussing your options with a finance expert at Lithia Toyota of Odessa. We cater to Odessa, Midland, and Andrews, TX, car shoppers, so set up a consultation today.