Are you having trouble deciding between financing and a Toyota lease? There are certainly pros and cons to both. Check out this comprehensive guide from the experts at Centennial Toyota to determine the best option for you.
Buying a New Vehicle
When you want a new vehicle, you can either pay for it upfront or finance it through an auto loan. You can easily secure financing from one of the many lenders we work with by meeting with our finance department. Even with a loan, the vehicle is still considered yours and can be customized as you prefer.
- Pros
- You build up equity in the vehicle
- After you own it, you won’t be responsible for a car payment
- There are no mileage or customization restrictions
- Cons
- As vehicles age, they may need more maintenance and repairs
- Buying is more expensive than leasing
Leasing a New Vehicle
Leasing refers to a long-term rental of a new vehicle. You agree to a predetermined term to drive it, typically two or three years. You’re responsible for paying the estimated depreciation of the vehicle’s value during that time. You can pay upfront or apply for a loan. During the time you own your lease, it is yours to drive, although there are restrictions involved.
- Pros
- More affordable than buying
- You’ll be consistently upgrading your vehicle to newer designs and technology
- Typically less to maintain and require fewer repairs
- Cons
- Comes with mileage caps and can’t be customized
- You don’t build up equity with the payments you’re making
Are you ready to buy or lease a new Toyota car, truck, or SUV? Our Las Vegas Toyota dealership has just what you need. Stop in to browse our inventory and discuss your financing or leasing options today!
