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Should I Buy or Lease?

car lease paperwork

Should I buy or should I lease? This is one of the first questions many Maple Shade and Marlton drivers ask themselves on the car shopping journey. If you’re unsure about the differences between a car lease vs. buying your next model, we’re here to go over the unique advantages each strategy offers, as well as which types of drivers they best suit. If you have any further questions, reach out to our finance department in Mount Laurel or consult our library of car buying tips. Holman Toyota is happy to help!

Benefits of Buying

  • No Mileage Restrictions: Unlike Toyota lease contracts, when you choose to finance a Toyota model, you won’t have any restrictions on how many miles you can drive it every month.
  • Total Ownership: When you pay off your loan, the value of the vehicle is your equity, solely.
  • Customization: When you purchase your vehicle, you have the freedom to customize it however you like.
  • Ability to Sell: Since you’re not tied down to a lease agreement, you can sell the vehicle whenever you like.
  • Financing Options: Are you having trouble keeping up with a high-interest loan? Did your credit score improve a bit since the time you signed your loan agreement? When you finance, you have the freedom to refinance.
  • Less Cost Over Time: Since your payments are going towards the value of a vehicle whose equity is yours, financing has a better long-term value than leasing.

Benefits of Leasing

  • Lower Payments: Whether it’s monthly payments or down payments, when you lease a vehicle, those costs will be much lower than buying.
  • Less Sales Tax: In the majority of states, leasing a vehicle lowers sales tax. In many cases, you will only have to pay taxes on the down payment you put down.
  • Trade-Ins: When your lease agreement is over (usually 3 years), you can head to the dealership and trade it in for a brand new vehicle of your choice. This is great for Cherry Hill drivers who don’t want to be tied down to one car for a decade.
  • Great Coverage: Any lease is still going to be under manufacturer warranty, so don’t worry about the cost of maintenance or repairs.

Explore Leasing and Financing Options at Holman Toyota

“Should I buy or lease my next car?” A complicated question, no doubt. Whatever Cherry Hill drivers choose in lease vs. buying, remember that they both offer their own set of advantages, and it’s up to you to decide which plan of attack best suits your unique needs. If you have any further questions, don’t hesitate to reach out to Holman Toyota in Mount Laurel for help.

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