Should you buy or lease a car at Toyota of Orlando?
When it’s time to get behind the wheel of a new Toyota in Orlando, you’re faced with a lot of choices. What model are you looking for? What trim-level best suits your needs? Should you add on accessories or packages? Luckily, we have a team of skilled specialists that can help you choose and customize your new car for your very individual needs. However, one decision that many Orlando Toyota drivers find themselves debating is whether to lease a car or buy one.
There are benefits to both leasing and purchasing your new car; the choice is unique to each driver, as you have to decide which is a better plan for you both in terms of finances and your driving expectations. Our finance team has broken it down for you so you can see the pros and cons of both… and they’re always here to answer any questions you might have along the way.
Leasing a new Toyota in Orlando
Deciding to lease a car is a great option for some, but it’s not for everyone. Each driver is different, just like each driver’s needs are unique. Here are the pros and cons of leasing your new Toyota in Orlando.
Car lease payments are often lower, so you might have a bit more wiggle room in your budget to lease something that you wouldn’t be able to purchase outright. Why? Because you’re not paying to own the car, you’re paying for the depreciation of the vehicle.
When you lease a car, you’re covered in terms of routine maintenance and specific mechanical repairs. Car leases often come with great warranties, as well.
You may have a lower down payment if you were to lease a car, as well as lower interest rates.
You get to change vehicles more often! After your car lease is up, you can simply return your new vehicle to Toyota of Orlando, pay any remaining fees or end of lease costs, and then hop into a new, different ride and hit the road.
You don’t own the vehicle – you’re leasing it from the dealership, which means you can’t make any modifications to it. If you like to tack on new custom parts and accessories, this may not suit you.
Once you’ve signed up for your car lease term, you can’t end it early without financial obligations. Some drivers may not like this lack of flexibility.
If you’re planning to put a lot of miles on your car driving long distances or heavy commutes, then leasing may not be for you, as you may exceed the reasonable mileage cap.
Owning a new Toyota in Orlando
Owning a car definitely has its pros and cons, too. Take a closer look at the benefits and disadvantages of buying your next vehicle. Pros:
When you own a vehicle, it’s yours to modify, alter, and change. You aren’t under any stipulations to return it to the dealership in the same condition (although you should always check to make sure a modification won’t void your warranties!).
You also don’t have to worry about going over your allotted mileage – if you own the car, you can drive it to Alaska and back without worrying about how many miles you’re putting on the odometer.
The money that you put into your vehicle when you buy it transfers on – for example, you can sell your car privately or trade it in, and put that equity towards your next car.
Depreciation! The minute you drive your new Orlando Toyota off the lot, it starts to lose value. With a lease, it doesn’t matter because the car will be heading back to the dealership at the end of the lease term. However, you won’t be able to sell your purchased vehicle for as much as you bought it for several years down the road.
Maintenance and repairs are on you. If you buy a new car you’re privy to ToyotaCare, but this only covers the first two years or 25,000 miles of routine maintenance. Anything after that – and any mechanical repairs you might face – are your responsibility as the owner.
As you can see, there are pros and cons if you lease a car or buy a car. Luckily for you, we’re here to help! Come down and chat with our finance team today to see if you’re better suited for a car lease or purchase, and enjoy all the incredible specials and deals that go along with visiting our dealership.Toyota of Orlando is just off I-4 near the Millenia Mall, and we’re open seven days a week until 10 p.m. Call us today at (407) 298-4500!