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Should I Buy or Lease a Vehicle?

man in suit walking up to a grey 2021 Toyota Venza
 


If you’re dreaming of driving around Cedar Park in a new car, you might be wondering, “Should I buy or lease a vehicle?” The answer depends on your unique needs and financial situation. While there are many benefits to leasing a new Toyota and many benefits to buying one, the best choice depends on your driving needs and your budget. Let’s look deeper at a lease vs. buying so that you can determine which is best for you. Then contact Toyota of Cedar Park to get behind the wheel of a new Toyota!

Benefits of Buying vs. Leasing a Car

  • No Mileage Restrictions: If you put lots of miles on your Toyota as you drive around Austin, you probably should buy vs. lease because a lease comes with strict mileage constraints. Going over your lease’s mileage limit can be quite costly at the end of your lease term.
  • Customization Options: Buying a vehicle means that’s when it’s paid off; you own it free and clear, and when you buy a car, you can do whatever you want with it. Want to paint it bright purple? No problem! There are no restrictions on how you customize or modify your vehicle when it’s yours.
  • Ability to Refinance: When you purchase your new Toyota, you get the option to refinance your loan if interest rates drop or something else changes. 
  • Costs Less in the Long Term: Though buying a Toyota costs more initially, it typically costs you less in the long run. With total ownership, your car becomes less expensive to own the longer you have it.
  • Ability to Sell: When you lease an automobile, you’re locked in until the end of the loan term, meaning you can’t trade it in, even if your situation shifts. When you purchase a car, you may sell it whenever you want to.

Benefits of a Lease vs. Buying

  • Less Down Payment: You may be able to get into a lease with no down payment or very little down. So, if you haven’t saved up a lot of money for a down payment, you can still probably drive away in a new Toyota!
  • Less Sales Tax: In most U.S states, leasing a vehicle lowers your sales tax responsibility significantly. In some areas, you only have to pay sales tax on your down payment.
  • High Approval Rate: Leasing a car is generally easier for Leander drivers with poor credit or even no credit because credit requirements are more lenient for those who choose to lease vs. buying a car.
  • Lower Payments: When you lease a Toyota, your monthly payment will likely be less than if you buy a car.
  • Trade-Ins: When your lease term expires, the process of getting into your next leased Toyota is straightforward. Just bring your leased vehicle back to Toyota of Cedar Park, pay any required fees, and drive away in your next new Toyota!
  • Superb Warranty Coverage: Warranty coverage and routine maintenance are easy when you lease vs. buy. As long as you’re careful not to exceed the mileage limit, it’s usually covered and won’t cost you much, if anything.

Lease Your Next Vehicle From Toyota of Cedar Park Today

Whether you decide to lease vs. buying, Toyota of Cedar Park is happy to help you choose your next Toyota. You have high standards for your vehicle and where you get it, and that’s why our customers keep returning to Toyota of Cedar Park year after year. Talk with ourfinance specialiststo discuss your financing, leasing, or lease buyout options. Then let’s go for a test drive out to Georgetown! Contact us today! Also be sure to learn more about how Toyota Pre-Collision works with our team today.

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512-379-5694

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5600 183A • Cedar Park, TX 78641

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Toyota of Cedar Park 30.4790746, -97.8030749.