When it's time for a new vehicle, you have two choices -- to buy or to lease. While there are benefits for both, there are factors to consider such as your budget, how you use your vehicle, how many miles you drive, and if you prefer to have equity in your car or not.. Here at Beechmont Toyota, we've compiled a list of the benefits of both buying and leasing a vehicle to help you decide which option is best for you.
Benefits of Buying a Car
Low Interest Rates
We offer new vehicle financing rates as low as 0% APR with qualifying credit on your next Toyota. With rates this low, almost all of your monthly payment is repaying principal - not interest.
When you purchase a vehicle, you don't have to worry about mileage overage fees and you can customize it with accessories and aftermarket parts. You can do with your vehicle whatever you want - because it's yours!
In addition to low interest rates, we have loans available for up to 84 months, allowing you to get a new Toyota regardless of your budget.
After you pay off your Toyota you will own it and have equity that can be leveraged if and when you purchase your next vehicle.
Benefits of Leasing a Vehicle
Low Cost Repairs
Your vehicle is typically covered under the factory warranty for the duration of your lease, so you can have a peace of mind.
Lower Monthly Payments
Your monthly payments may be significantly lower when leasing, because you're really only paying on the value between the purchase price and the vehicle's residual value at the end of the lease - not the entire amount.
If you're the kind of person who enjoys driving new vehicles with all the latest technology, leasing allows you to pick out a new model every 2-4 years (the duration of your lease).
No Effect on Trade-In
When your lease is up, you won't have to worry about the value of your vehicle or how it will affect the purchase of a new one. You simply return your vehicle and choose a new one.