You’ve made the right decision and decided your next car will be a Toyota. You’ve chosen your model, and now the decision is down to whether you buy a Toyota or lease a new Toyota. As your Toyota dealer, we’d like you to know more about a lease and why it can be a good choice for you.
How Does a Lease Work?
When you choose to lease, you can choose a lease term generally between two to five years. You’ll receive a new Toyota that matches your requirements, and you will need to pay a set monthly payment. Once the lease term ends, you can sign a new lease for the same car, choose a different Toyota, or even buy the car you previously leased.
During the lease period, regular servicing and maintenance are usually included. You are limited on mileage and can choose a low mileage or regular mileage agreement. Your allowed mileage during the lease is generally determined by dividing the number of contract months by 12 and then multiplying the result by 15,000 miles (or by 12,000 miles on a low mileage agreement).
Benefits of a Lease
There are many benefits to choosing a lease option. Let’s take a look at some of the most important ones.
Cheaper Than Buying
You need less cash for the initial payment, and lease payments will usually be lower than car loan repayments. When you lease a car, your payments cover the cost of the car’s depreciation over the lease term, together with any applicable fees or taxes. When you buy a car, you have to pay back the full cost of the car plus interest over the loan period.
In addition, with lower or no servicing and maintenance fees, you can save even more money over the term of the lease.
You Can Upgrade Easier
Once the lease is up, you can choose a new Toyota model. This enables you to always be behind the wheel of a relatively current Toyota. If you want to always have the latest safety features and newest technology, a lease is a good choice for you. If you buy a car, you will have to sell it or trade it in to upgrade.
You Have More Options
Financing a new car can be expensive, and you might not be able to afford the particular model you want. This means you’ll have to save for longer or improve your credit to choose the car you want. When you sign a lease, the lower term costs of the lease mean you can choose from higher trim levels and still save money.
Find Your New Toyota Lease in Silver Spring, MD
There are many other benefits of choosing a lease with us. Visit our finance department today at DARCARS Toyota of Silver Spring.
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