/Lease vs. Buy | McGee Toyota of Dudley | Dudley, MA
LEASE VS BUY
Buying VS. Leasing Your New Toyota in Dudley, MA
Deciding whether to purchase or lease your next vehicle can be a big decision and at times can be a stressful process. That's why at McGee Toyota of Dudley, we strive to go above and beyond to make the process as simple as possible. Our finance and sales team will help you every step of the way - from start to finish so you can make the best informed decision for your individual needs. Below is some helpful information that we hope helps you. Once you have made your decision or if you need more information, feel free to contact us directly with questions or browse our inventory to start searching for your new Toyota.
Two of the greatest benefits of leasing a vehicle are freedom and flexibility. When leasing, customers can delay the purchase decision and have the freedom to drive a new Toyota every few years if they choose, without the hassle of having to sell or trade your vehicle.
On average, leasing terms can last between 24 to 60 months. This allows you to make affordable payments with shorter terms. In addition, you get to choose your mileage. Lessees are typically given 12,000 or 15,000 miles per year, but if you require a higher mileage limit, you have the option to purchase more miles at signing.
Because you're only purchasing the right to use a vehicle for a period of time, your financial responsibility and your monthly payments may be reduced significantly. Also, if you have a small down payment, then leasing may be better for you, as there are often leasing options that require $0 down.
Because most leases last for two to three years, your vehicle generally provides warranty protection for as long as you drive it.
When a lease expires, you simply turn your vehicle in and pay off any remaining fees (such as for excess mileage or wear and tear) and taxes. If you'd prefer not to part with your Toyota at lease-end, you can also take the opportunity to purchase it at a predetermined price. In either case, there's no need for you to sell it or trade it in unless it benefits you.
WHY BUY A NEW TOYOTA
Ownership is the greatest benefit of buying your next vehicle instead of choosing to lease. If you are looking to keep your vehicle for an extended time or for as long as possible, then buying is the better option for you. Plus, choosing to buy rather than lease provides you with the freedom to customize your vehicle to match your lifestyle.
No Mileage Restrictions
When financing your vehicle, you are responsible for the miles you travel and don't have a mileage restriction like you would with leasing. Leasing requires that you calculate in advance how many miles you will drive each year. Ownership allows you to drive as much as you like and as far as you desire without accumulating fees.
When purchasing a vehicle, you can buy with cash or choose to finance. If you buy with cash, you immediately become the owner of the vehicle and don't have to worry about monthly payments. If you choose to purchase a vehicle by utilizing a finance program, you pay down the loan amount over an extended period of time. For the best outcome when financing, we strongly recommend that you acquire the most affordable, reliable and competitive rates available, like what we offer here at McGee Toyota of Dudley.
At the completion of your payment schedule, typically four to six years, you own your Toyota. You can keep driving for as long as you desire without any further payments, or choose to sell or trade at any time. Once you own the vehicle, you no longer have to make monthly payments, which means you could place those same funds toward your savings, should you choose to do so.
If you would like to learn more information on the pros and cons of both leasing and buying a new Toyota, please do not hesitate to reach out and give us a call or stop by our dealership at 191 West Main Street Dudley, MA. We look forward to serving all of our customers from Dudley, Sturbridge, Southbridge and beyond.