Buying Vs. Leasing A Car

Are you aware of the distinctions between buying vs. leasing a car? We thought it might help you to know more about this to better ensure that all your vehicle transactions are informed decisions–especially with leasing still being a new concept to many.

Let’s look at some pros/cons involved with the process.

Pros To Leasing

One of the biggest advantages of leasing vs. buying is the avoidance of interest charges. They can be very steep.

Even somebody with a high credit score can expect to pay at least a 6% interest rate on both new/used cars as of October 2021.

Leasing allows you to escape that headache substantially. Here are some other advantages:

• Some leases include cool maintenance freebies like oil changes and tire rotations.
• It’s not hard to land a newer vehicle, one that’s still under manufacturer warranty.
• Since it’s usually a new car, you won’t likely need to buy new parts or contend with other hassles associated with used cars (many of which are expensive and still require financing).
• You can find a model with all the latest technology and safety gear.
• Business owners can write the leasing expense off on their taxes.
• You can return the vehicle to the dealership as soon as you are finished with it.

Cons To Leasing

Of course, not everything about leasing is rosy and wonderful. There are some cons to consider as well.

• Since the vehicle depreciates, especially new ones, it may cost you more to pay a monthly leasing rate than it would have to pay an entire loan over the course of the vehicle’s lifespan.
• Assuming you get a long life out of a vehicle, the math usually favors buying and driving it until the repairs become too steep as opposed to leasing and re-leasing new cars in perpetuity.
• Your lease may have a limit on the miles you can drive, after which you would incur overage charges for additional miles.
• You still must pay for maintenance and replacement parts just like you would by owning a car.
• Dealers might be very strict about returning the vehicle in exactly the condition you bought it.

The Bottom Line

Marianna Toyota recommends you do due diligence with the process whether you choose to lease or buy. The pros and cons lend themselves to many subjective, personal decisions that a driver must make. These are decisions that involve your hard-earned money. That’s why we always seek to provide you with the best customer service, which includes coaching, guidance, and navigation through the whole endeavor.

We have lots of information about all our models. You can also speak to our representatives and learn more about financing options, should you choose to make a purchase. You can also learn more by calling us directly at 800-423-8002.

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