Buying vs Leasing

Buying vs Leasing
Toyota of Somerset

Discover Your Buying vs Leasing Options at Toyota of Somerset

You may be familiar with the terms buy or lease, but which is right for you?  Our finance experts can help Danville, KY drivers figure out the ins and outs of both.  Narrowing down your decision depends heavily on your personal preferences, your driving habits, and what you are looking for in a car. There are many considerations, including pros and cons, for both options.

Buying a Vehicle

Buying a vehicle means that you own it!  Ownership offers some freedom but also some responsibilities.  When you own your car, you can drive it as far and as long as you want without worrying about mileage caps or a certain number of miles you are allowed to rack up on a monthly or yearly basis.  You can also customize your vehicle to your heart's content.  While most people want to keep their vehicles looking good as long as possible, you won't be penalized for excessive wear and tear.  You are also responsible for any routine or unexpected maintenance that comes up, which can add to the overall cost of owning a vehicle. If you absolutely love your vehicle and plan on keeping it as long as possible, then buying might be the best option for you.  Another perk of owning a car is that you own its value and can use that equity towards a new car down the road if you want to trade it in.

Pros of Buying

  • You own the vehicle
  • You can use it as a trade-in or collateral
  • You can customize and personalize
  • No mileage restrictions

Leasing a Vehicle

Leasing is also a great option, especially if you like the idea of switching out for a brand-new car every few years.  When you lease a vehicle, the expectation is that you will return it in good condition at the end of your leasing contract.  While normal wear and tear is generally acceptable, customizing or making any other permanent cosmetic changes is usually not allowed.  A leasing contract typically includes mileage caps so that if you go over the mileage of the designated time frame, there may be extra fees.  You also don't have to put very much money down, if any, and can enjoy the warranty coverages, which takes care of any routine or unexpected maintenance. 

If you stick close to Lexington and London, KY, don't rack up many miles on the odometer, and love getting something new every few years, then leasing might be a great option for you.  Be sure to talk to our finance specialist to run the numbers and see the price differences between leasing and buying.

Pros of Leasing

  • Little or no money upfront
  • Get a new vehicle once the contract is up
  • Warranties usually cover maintenance and unexpected issues
  • A great option for people who don't put a lot of miles on their vehicle

Buying vs. Leasing: Both Great Options

At the end of the day, the decision is yours!  Both buying and leasing are great options depending on your driving habits and personal needs.  Still not sure which option is right for you?  Our finance experts at Toyota of Somerset can help you work out the numbers based on your unique financial situation so you can get the car of your dreams.  Getting a new Toyota is exciting, no matter if it's a purchase or a leasing contract.  Check out our current finance specials to see if that can help you narrow down your decision at all, and stop by our showroom to see the vehicles we have available for you.