Leasing Vs Buying
Should I Lease or Buy My Vehicle?
If you are wondering whether you should lease or purchase your new Toyota vehicle, Ancaster Toyota can help. We have put together a comprehensive guide that highlights the key considerations you need to take into account when making this very important decision.
Leasing or Buying? There Are Many Things to Take Into Account.
Choosing between leasing and financing your next vehicle purchase is not easy. There are many things to think about, and many factors to consider. That said, there is always a better option depending on your situation, and at Ancaster Toyota, we are committed to helping you determine what that option is.
We will get to you know you and we will take the time to listen. That way, our team of financial services experts will be able to help you make the best possible decision.
To learn more about choosing between leasing or financing your new vehicle, contact us today at Ancaster Toyota!
LEASE
Leasing offers affordable payments with shorter terms
This lets you...
- Consider vehicles with more options
- Choose your desired trade cycle
- Have peace of mind since most terms are within the warranty period
You have options at the end of your lease
If the vehicle is worth more than the residual value
- Exercise your purchase option and keep it
- Exercise your purchase option and apply the equity to the next vehicle
If the vehicle is worth less than the residual value
- Drop off the keys and walk away (subject to any excess kilometres or wear-and-tear charges)
BUY
Conventional loans typically require longer terms to achieve affordable payments
This keeps you...
- From trading into a new vehicle sooner
- Driving the same vehicle longer even when you are ready to trade
Conventional loans have obligations when you trade
- The owner must find a buyer
- The owner assumes all of the risk for unexpected depreciation
- The vehicle's condition, mileage, wear and tear will be a factor in assessing the total value of the vehicle
- The owner must satisfy the loan balance regardless of the vehicle value