Considering a Toyota lease? While this can come with an assortment of benefits, there are some potential downsides to think about. You need to be especially cautious with these three areas:
A Long Lease Term
While you may want to lease a car for a while, you have to be wary about the long term. This will result in lower monthly payments, but your overall cost will actually be higher due to the extra payments and the interest tacked on to them. Think about going with a lease that at most is for four years.
Restrictions
A leased car still belongs to the dealership. This means that you aren’t allowed to do anything to it, like making customizations. This also means that you will have to be careful with how many miles you drive every year. Your lease agreement will come with an annual mileage restriction, which will probably be somewhere between 10,000 and 15,000 miles. Just make sure to avoid going over whatever the number is, as you will be charged a penalty per mile.
Early Termination
You’re going to get into trouble when you break any sort of contract, and a lease agreement is no exception. While the police won’t be coming to your door, you could be looking at high termination fees. This is why before signing a lease, you need to be sure that you will be able to make the monthly payments or you are putting yourself at risk for a big financial hit.
If you’re looking for more information about leasing, get in touch with Centennial Toyota near Henderson. You can also come see us to test-drive any of our new or pre-owned models.
