Lease vs Buy
Congratulations! You've decided to upgrade your travels near Farmington Hills, Livingston, and Oakland, MI. Now that you've picked the perfect Toyota, all that's left is to sign on a personalized finance plan. However, before you can do so, you need to decide whether you want to buy or lease.
To help make the choice easy, the Suburban Toyota of Farmington Hills team has created this lease vs. buy guide. Read on to see which option is best for your needs.
Lease vs Buy: How Do They Differ?
While buying and leasing are both finance options, a few key differences set them apart. For starters, the title holder of the vehicle is one of the biggest differences.
When you buy a car, you own the vehicle and have the freedom to make any modifications you see fit since you'll be the title holder once it's paid off. When you lease, the dealership still is the title holder. This finance option is similar to renting an apartment where you're paying for the right to possess the vehicle for an agreed-upon time.
Other differences include loan terms, payment amounts, and potential fees.
Should I Buy or Lease?
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| Leasing | Buying | |
| Down payment amount | May not be required. | Recommend between 10 to 20 percent of the vehicle price. |
| Length of driving | Anywhere from two to five years, depending on your lease contract. | No set timeframe. You're free to drive the car as long as you want or sell it at any point. |
| Monthly payment amount | Typically lower due to only paying the vehicle depreciation value.* | Typically higher due to paying the full value of the vehicle's value. |
| Annual mileage restrictions | Limited to about 12,000 miles per year. | No mileage restriction. |
| Potential fees | Acquisition fee, disposition fee, extra mileage fee, excess wear-and-tear fee. | Acquisition fee, registration fee, sales tax. |
If you're still unsure whether you should buy or lease a Toyota, simply contact our team. They'll work with you to discuss your unique wants and needs and help you choose the plan that's best.
How Can I Buy or Lease a Car?
No matter which finance option you choose, our team is here to help make the process as streamlined as possible. To do so, complete our online financing application. This form takes only a few seconds to complete since it only asks for your basic information.
Once completed, it gets sent to our finance center. This allows our team to start planning the lease or loan option that most closely aligns with your financial needs.
As a result, you'll notice that you spend less time than imagined inside our finance center.
Lease vs Buy: The Verdict
Each driver is different. That's why we offer lease and loan options for our friends near Farmington Hills, Livingston, and Oakland, Michigan. Plus, thanks to the experience of our finance specialists, you can take the wheel of your new car in the blink of an eye.
Contact us at Suburban Toyota of Farmington Hills to schedule a finance appointment today!
*Any negative equity will be added to a lease or purchase.
