Should I Buy or Lease My New Toyota?
Should I Buy or Lease My New Toyota in Canton, GA?
Purchasing or leasing a new Toyota shouldn’t be a headache. That’s why at Cherokee County Toyota, we aim to make the process as simple as possible. Our team has created a crystal clear chart that highlights the important pros and cons you should consider between leasing and purchasing your next vehicle. To make your decision even easier, we provide an online pre-approval application as well as a payment calculator so you can be fully informed on your options. If you’re ready to get this easy process started, continue reading to discover whether purchasing or leasing a new Toyota model is the right option for you!
How Do Car Loans and Leases Differ?
| Loan | Lease | |
|---|---|---|
| Path to Ownership |
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| Upfront Costs |
Cash price or a down payment, taxes, registration, and other fees. |
First month’s payment, refundable security deposit, acquisition fee, down payment, taxes, registration, and other fees. |
| Lower Monthly Payments |
|
|
| Customization Allowed |
|
|
| Covered Under Warranty |
|
|
| Future Value |
All vehicles depreciate, but you'll have equity when trading or selling. |
The future value doesn't affect you. |
| Unlimited Mileage |
|
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| Fees for Excessive Wear and Tear |
|
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| Fees for Early Termination |
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| End of Term |
You'll have full equity to do what you want with the car. |
Purchase the vehicle, or buy or lease another car. |
| Vehicle Return |
Sell or trade. |
Return the vehicle at lease-end and pay any applicable fees. |
Why Purchase a New Toyota?
Looking to own your ride so you can customize it how you please? Purchasing a new Toyota could be the right decision for you! Even better, you can build equity through your monthly payments and once paid off, it is yours to keep. Alternatively, if you’re looking for an even better upgrade, you can trade it in for a newer model. This is a beneficial option to save on costs while you still get the car of your dreams. When you purchase a new Toyota, you can add upgrades and customizations to your liking. Want a new sound system? Looking to add fun external accessories? The possibilities are endless! Take into consideration that when you buy a vehicle outright, you’ll likely experience higher monthly payments, a credit approval process and required down payment. But there are many perks to owning your own vehicle.
Why Lease a New Toyota?
Leasing can be an extremely affordable option to get behind the wheel of your ideal car. When you lease a new Toyota, monthly payments are lower and you’ll most likely be covered under the vehicle’s limited warranty until the lease term ends. So you’ll be able to experience your new car during its early years without any worries. Interested in the newest Toyota model? When your lease term ends, you can return your current model to the dealership, pay any fees owed and enjoy a brand-new car with new technological features! Similar to purchasing new vehicles, leasing can come with its own cons. This includes mileage limitations, no customization flexibility and additional fees for any damage to the car or early termination.
If you’re ready to be the proud owner or lessee of one of our new models, feel free to contact us or visit Cherokee County Toyota at 301 Liberty Blvd, Canton, GA 30114. We look forward to serving customers near Alpharetta and the greater Atlanta area.
*If you’re looking for more information on whether to buy or lease, visit the Consumer Reports’ page for more information.