Should I Buy or Lease My Vehicle?
Should I Buy or Lease My Vehicle?
To Buy or Lease…What’s Better for Me?
After you find the car of your dreams, the big question arises: should I buy or lease? After all, your option not only determines how much you’ll pay each month, but also how you drive and what you can do to your vehicle. Stick with us today as we dive deeper into these two financing options—and don’t forget to visit us at Rivertown Toyota in Columbus, GA, and speak with one of our finance experts for more information about how buying or leasing will impact you individually.
Car Leasing 101: What You Need to Know
Do you like short-term and low-commitment agreements? Then a lease is already an option to consider since your terms rarely last longer than three years (and sometimes can be as short as 12 months depending on your plan). Because your lease ends so soon, you can constantly stay on top of the latest technology and powertrains since you trade out your car every 36 or so months, giving you something different to drive when you desire. Also, since the terms are short, you’re typically trading in your vehicle before you need to worry about costly maintenance that starts around the five-year mark (and you’re giving your cruiser back before most warranties expire) helping keep your costs low—and that’s on top of your down payment and monthly payments costing substantially less than receiving a loan for the same vehicle in nearly every case.
However, keep in mind that with leasing a vehicle, you’re essentially engaging in a long-term rental, so you’re not allowed to make any permanent changes, like painting your car or adding most aftermarket parts like spoilers to your cruiser. Also, you’ll need to consider your mileage limits, and pick a plan that fits your commuting and adventuring needs.
When Should I Consider Buying a Vehicle?
When you opt for buying a car, you basically gain full ownership rights the minute your loan begins—so feel free to take a road trip to the west coast (since you have no mileage limits), paint your car your favorite color, add running boards to your Toyota Tacoma for easier entry—or even add a few modifications to your Toyota 86 to help it dominate at the track—your options are virtually endless. In fact, you can even sell your ride and pocket the money since it’s completely yours.
When you buy a vehicle, keep in mind you’re investing in a long-term commitment (sometimes more than seven years), so make sure you plan your payments that far in advance. Also, unlike a lease contract, you’re typically owning your car for the long run, which means paying for maintenance and keeping up with more costly monthly payments.
Leasing Vs Buying: Rivertown Toyota Has Your Answer
To further explore the pros and cons of buying and leasing your vehicle, visit Rivertown Toyota, proudly serving Columbus, LaGrange, and Auburn-Opelika, AL, to get answers about everything from how to consider your money factor to the types of cruisers you can drive in each plan with a full comparison. We’re also here to help you find the ultimate plan based on your financial needs—no lazy and generic information you’ll find off a third-party site, so don’t hesitate to ask any critical questions that come to mind.
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