Buying vs. Leasing Your New Toyota in Dothan, AL
Buying vs. Leasing Your New Vehicle in Dothan, AL
When it's time to get a new set of wheels, there are a ton of choices that you'll have to make. Not only do you need to decide what make and model you want, but you'll also need to choose whether you'd rather lease or buy the vehicle.
That can be a difficult decision, so we've made a list of benefits for each option. To find out which is the right choice for you, keep reading!
WHY LEASE A VEHICLE?
Freedom of Choice
There are two main benefits to leasing a vehicle: freedom and flexibility. When you choose to lease, you have the option of driving a new vehicle every few years, as well as delaying the decision to purchase without the inconvenience of needing to sell or trade the car.
Flexibility
A lease typically lasts between 24 and 60 months. When you have a shorter term, you can usually make more affordable payments. Also, you're able to choose your mileage allowance. Lessees normally get between 12,000 and 15,000 miles per year, but you can also purchase more miles at signing if you need a higher mileage limit.
Lower Payments
Because you're essentially purchasing the right to drive a car, truck or SUV for a set period of time, you may have significantly lower financial responsibility—meaning lower monthly payments. Also, if you want to avoid putting down a large down payment, leasing might be a better option, as there are leasing options that require $0 down.
Hazard-Free Driving
With most lease terms lasting two to three years, your vehicle is usually still covered with warranty protection.
True Convenience
When your lease term comes to an end, simply return the vehicle and pay any fees, like those for excess mileage or wear and tear, and taxes. If, on the other hand, you decide you want to keep the vehicle, you can simply purchase it at a predetermined price. Either way, you don't have to deal with the hassle of selling or trading it.
WHY BUY A VEHICLE?
Ownership
The primary advantage of buying a vehicle (as opposed to leasing) is ownership. Buying a vehicle is a better option if you're looking to keep the vehicle for a longer period of time. Ownership of a vehicle also means you can customize it to match your lifestyle.
No Mileage Limitation
If you travel frequently or have a long commute, you won't have to worry about mileage restrictions when you buy a vehicle. When you lease, you'll have to calculate in advance how many miles you plan on driving each year. Ownership, on the other hand, allows you the freedom to drive as many miles as you'd like without worrying about overage fees.
Payment Flexibility
When you purchase a vehicle, you can finance it or simply buy it outright with cash. By buying it outright, you immediately become the owner of the vehicle without the hassle of monthly payments. When financing, you have an extended period of time to pay off the loan amount. For more favorable options when financing, we recommend that you get the most affordable and competitive rates possible, such as what we offer here at Toyota of Dothan.
True Freedom
Once you complete your payment schedule, usually in about four to six years, you have total ownership of your vehicle, meaning you can continue driving it for as long as you want without any more payments. Or, you can sell or trade it at any time. Either way, it's total freedom having complete ownership of your vehicle!
If you happen to have any questions or would like to get to know us more, come visit us at 2285 Ross Clark Circle, Dothan, AL 36301. We look forward to serving customers from Ozark and Enterprise.