Buy vs. Lease:Benefits and Drawbacks of Each

Whether you’re interested in a Toyota Tundra for taking construction supplies between Aurora and Oak Brook or a Toyota Prius for covering the roads of Joliet with efficient agility, there’s a single question you’re bound to answer: “Should I lease or buy?” Well, the bad news is we can’t answer that one for you. The silver lining? We’ve listed the pros and cons of each option. Just read them through with your needs and lifestyle in mind to land on the choice that suits them.

What are the Pros and Cons of Buying?

• PRO – Ownership: When you buy new, your monthly payments go towards making the vehicle your own. When you’re finished, it’s all yours.
• PRO – Flexibility: Want to put plenty of miles on the odometer? Go right ahead — there aren’t any restrictions. You can also add accessories or aftermarket parts.
• PRO – Trade-In: The value you build through monthly payments can go toward trade-in value.
• CON –  Responsibility: Once the original warranty runs out, paying for service will be up to you.
• CON – Higher Payments: Buying is more expensive since payments reflect the vehicle’s full value.
• CON – Hassle: It’s much easier to bring your car into the dealership for an upgrade rather than having to sell it.

What are the Pros and Cons of Leasing?

• PRO – Savings: Your monthly payments only cover the value of the car over its time with you. Payments will be smaller, and so will the initial deposit.
• PRO – Warranty: Most new car warranties run as long as the lease term, so you won’t need to worry about repair costs.
• PRO – Cutting-Edge Tech: If you upgrade every few years, you’re never going to be too far behind the latest comfort, convenience, entertainment, and safety features. You should also enjoy stronger efficiency scores.
• CON – Restrictions: Lease terms are built around certain rules — you can’t customize your vehicle and you can’t exceed a certain annual mileage.
• CON – No Value Built: Your monthly payments might be lower, but they aren’t building value in a possession you’re making your own.

Need Further Advice? Don’t Hesitate to Contact Toyota of Naperville

Of course, we understand that all cases are different, so feel free to contact us for some personal advice, including what to do at the end of your lease. You can also use our online payment calculator to estimate costs or apply for financing directly.