Have you been considering a Toyota lease but wondering if it’s the best option for you? We’re highlighting the process of leasing a vehicle at Centennial Toyota, its benefits, and when you should consider financing instead.
How Does a Toyota Lease Work?
When you lease a vehicle, you are essentially agreeing to a long-term rental from our dealership. Most leases last two or three years.
We look at the sales price for your vehicle and then we subtract its estimated value at the end of your lease. You are responsible for paying the difference, over the course of your lease, in monthly installments.
What are the Benefits of Leasing?
Since you are only responsible for the vehicle’s depreciation during your lease period, leasing a vehicle is usually much more affordable than financing one.
Leasing a vehicle is also a better option for drivers that like to continuously upgrade to the latest and greatest models with the most modern designs and cutting-edge technology. You’ll typically have less maintenance and repair costs too since you’re driving a newer vehicle and routine services are often included in your lease package.
Should I Buy Instead?
While there are lots of benefits to leasing, there are lots of instances where financing or buying is a better choice.
- If you drive a lot, you might have trouble staying under the mileage restrictions of a lease.
- You’re not allowed to modify or upgrade a leased vehicle.
- With a lease, you’ll consistently make auto payments throughout the lease. Buying is a better option for drivers who want to work towards living without an auto payment.
- If you want to build up equity in your vehicle for a future down payment, you need to buy instead of lease.
Considering leasing one of our new Toyota vehicles for sale in Las Vegas, NV? Stop in and take a test drive today!