Is Buying or Leasing a New Toyota Model the Best Option For You?
When looking for a new Toyota model here at Fox Toyota, once you've found it you'll be faced with two options to consider: to buy or to lease. Both options present terrific benefits to you as a driver and to your lifestyle, but it all comes down to what you're looking to get out of your next vehicle. We offer terrific financing and lease options on all of our new Toyota models in order to provide everyone with affordable options on the vehicles that they want and need, but in order to help make your decision a little easier on you, we're going to highlight a few of the main benefits that buying and leasing here at Fox Toyota can offer you!
Buying | Leasing | |
| Ownership | You own the vehicle for its lifespan, keeping as long as you want | You don't own the vehicle, and it must be returned at the end of the lease unless you decide to buy it. |
| Down Payment | Larger payment at the time of the purchase is often required | Little to no down payment is required at the time of the lease. |
| Monthly Payments | Loan payments are often larger than lease because you're paying off the entire purchase | Lease payments are often lower because you're only paying for the depreciation of the vehicle during the lease term. |
| Vehicle Return | You'll have to deal with selling or trading your vehicle in when you want to upgrade | You return the lease to our dealership and walk away without making any other commitments. |
| Technology and Features | When you purchase, you're often saddled to the same features for long periods and unable to upgrade | A lease allows you to explore new models every couple of years and experience the latest and greatest technology. |
| Routine Maintenance Coverage | When you buy, you are often saddled with routine maintenance costs that you need to pay out of pocket | A lease is covered under the manufacturer's warranty, meaning any routine maintenance needs will be covered and help you save money. |
| End of Term | Once the loan term is over, you won't have to make any final payments and you'll help build equity for your next purchase | At the end of the lease, you can finance the purchase of your current vehicle or you can lease a newer model. |
Benefits of Buying a New Toyota
Buying a new Toyota model is a great option for someone who:
- Tends to drive a lot and wants the carefree ability to put on as many miles as they want without worrying about mileage limits.
- Doesn't mind a little normal wear and tear to their vehicle, including scratches, small dents and every day occurrences that may happen to your vehicle out on the road.
- Wants the ability to customize their vehicle to their liking, including both mechanically and cosmetically.
- Wants the ability to sell or transfer the title of their vehicle whenever they please to whether it be ten years down the line or two.
- Wants to build equity in their vehicle.
- Knows they'll want to potentially drive the same vehicle for more than three years.
Benefits of Leasing a New Toyota
Leasing a new Toyota model is a great option for someone who:
- Wants to only pay for the time that they're using the vehicle, meaning you'll experience a lower monthly payment and down payment for leasing your Toyota for three years compared to paying for the entire price over time.
- Wants the ability to drive a new vehicle every few years without the hassle of selling their vehicle to a dealership or third party.
- Doesn't tend to drive over 12,000 miles a year (or more with higher mileage lease options).
- Takes good care of their vehicle cosmetically both inside and out.
- Wants to enjoy lower repair costs because they'll likely always be under the factory warranty for the entirety of the lease.
Visit us to Learn More About Our Toyota Loan and Lease Options
These are just a few of the benefits that buying and leasing have to offer you here at Fox Toyota. If you're interested in finding out more or viewing our entire selection of new Toyota models in person! We're located right in Rochester Hills, MI and proudly serve the nearby areas of Troy, MI, Warren, Auburn Hills, and Waterford.