Should I Buy or Lease?

One of the most common questions asked of our finance team is, “Should I buy or lease?” Both options certainly have their perks, but one may be a better match for your driving needs and budget. 

While neither path is ‘better’ than the other, one will likely be a better choice for you. To help you narrow down your decision, we have created this guide to leasing vs. buying. See the pros and cons of each, and if you still have questions, do not hesitate to reach out to us for more information. 

Leasing vs. Buying: Cost Over Time

• When you lease a vehicle in Mission Hills, you can enjoy lower monthly payments in addition to lower taxes and a lower down payment. Keep in mind that if you continue to start a new lease every few years, your payments won’t change much year after year. 
• Financing may be a little more costly up front. However, you can eliminate your car payment entirelyonce the loan is paid off. If you choose to buy a used car, it could even be more affordable than leasing a brand new model.

Leasing vs. Buying: Driving Restrictions

• When you finance, you do not have to worry about sticking to preset mileage limits. 
• If you lease, there will be set mileage limits in your agreement. If you exceed those limits, you will have to pay a penalty. 

Leasing vs. Buying: Customization 

• Those who choose to finance are free to customize their vehicles as they see fit. Add accessories, change the color, or upgrade the performance. The choice is entirely up to you. 
• Those who lease will need to keep the vehicle as close to factory condition as possible. This is because the vehicle is returned to the dealership when the lease ends. The car will then be resold. 

Leasing vs. Buying: The Process 

• Financing offers flexibility. You can sell or trade the vehicle in at any time, and you may be able to refinance for a lower rate in the future. You can keep the vehicle as long as you like. 
• Leasing is easy and convenient. You can drive a new vehicle every couple of years, and you don’t have to worry about the hassle of selling the car when it’s time for something new. 

Learn More About Your Options with North Hollywood Toyota

If you are ready to get behind the wheel of your dream car, make the short drive from Van Nuys or Sun Valley to North Hollywood Toyota. We can help you find a vehicle that checks all of the boxes on your wishlist as well as get you set up with a financing plan you’re comfortable with. Contact us today or visit us in North Hollywood for more information.