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Buying vs. leasing––which one is better? Mike Johnson's Hickory Toyota team has compiled a list of things for you to consider.
The first question that might pop up for you is, "Is it cheaper to buy or lease a car?" Both options have their expenses.
Things to Consider When Buying or Leasing a Car
When you buy a car outright or through a financial agreement, you'll be responsible for the wear and tear on the model. When you opt for a lease agreement, you'll be responsible for minor wear and any mileage overages you have at the end of the Toyota lease. Both options have their costs.
Should You Buy or Lease a Car?
We believe that the answer to this question depends on the number of miles you drive, your budget, and your taste in vehicles. If you're not sure what type of car to buy or how to finance it, this is the place to be. Our finance department in Hickory, NC is waiting to assist you with various tips and tricks. Visit our Toyota dealership near Gastonia, NC. Ask about the used Toyota Tundra for sale!
Do you Need Good Credit to Lease a Car?
Yes, because of the terms and liability, you would need a pretty great credit history to qualify for a lease. However, don't let that discourage you from getting a vehicle. We still have plenty of options for people with lower scores. You can still get inside the same vehicle with one of our loans.
So, is it Worth it to Lease a Toyota?
It can be worth it to take advantages of lease specials in Hickory, NC. If you know that you drive less than 10,000 miles a year and you love upgrading your vehicle often, you might enjoy a Toyota lease. The answer depends on your lifestyle. If you have a long daily commute to work and also enjoy taking your car on road trips, you'll probably get more use out of a Toyota auto loan. Talk with a financial representative about leasing a Toyota Sienna today.
You're more likely to buy
- When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. And that can really add up.
- If you like to personalize a car, this investment can be lost on a leased car.
- If you like the idea of ownership, you are less likely to be happy with the lease option.
- If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
- If the car you presently own is over 3 years old you are more likely a buyer. While not always true, you can usually drive for less if you're willing to buy and drive for at least 3 years.
- If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires.
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You're more likely to lease
- Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.
- When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.
- Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
- Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.
- If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.
- If you own the company, and you use your car for business, check with your tax advisor. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.
To see the results for a person more likely to buy, Click here.
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