Are you ready for a new car, but are unsure whether leasing or buying is the right choice for you? The finance experts at Thompson Toyota near Edgewood, Clayton, Bel Air, and Baltimore, MD, have compiled a comparison of the advantages and disadvantages for leasing vs. financing to help provide you with the answer.

First browse our new inventory to find a Toyota car, truck, or SUV to upgrade your daily drives with, then continue reading to learn which method is ideal for you and your lifestyle.

If you have any questions along the way, don't hesitate to give us a call so that we can assist you in any way we can.

Benefits of Leasing or Financing a Toyota

Benefits of Leasing a Toyota

Benefits of Financing a Toyota

  • Only paying for depreciation
  • Own the vehicle when done paying for it
  • Lower monthly payments
  • Customize your car
  • Little to no down payment
  • Drive as much as you want
  • Get a new car every few years
  • No worry about wear and tear

What Are the Benefits of Leasing a Car?

When you lease a vehicle, you are deciding to borrow the vehicle from our dealership for a set period of time.

In that time, you are only paying for the depreciation that occurs during the term of your lease. Therefore, you can expect to have lower monthly payments than if you were to buy. A lease agreement may also require little to no down payment, and monthly payments are often lower than when you finance.

By having lower payments, you may be able to budget for a higher trim level when you lease. The higher the trim, the more comfort features and advanced technologies you'll be treated to, such as a Bird's Eye View Camera and ventilated front seating.

Leasing is also an excellent option for those who want a new car every few years. At the end of the term, you simply turn your vehicle into the dealership and start a new lease on the latest model year-giving you access to the latest advancements, exterior style changes, and upgraded engine options.

If you also think your lifestyle will change every couple of years, leasing can be helpful. If you need a sedan now but a minivan later when you start a family, then consider leasing.

What Are the Disadvantages of Leasing a Car?

While leasing can be a great option for the reasons above, there is some more information to take into consideration.

At the end of your lease, the vehicle should be returned in the same condition it was received in, or there could be a considerable cost incurred.

Additionally, there is typically a mileage restriction with lease deals. This may not be ideal for someone who drives long distances often. So, if you have a long commute or enjoy frequent road trips, buying may be a better option for you.

What Are the Advantages of Buying a Car?

If you are planning to keep your car for a long time, buying may be the better option for you.

After your loan is paid off, you will officially own the vehicle and are free to sell it if you'd like. Owning the vehicle means you can also customize your car to you liking. Whether it's a custom paint job or just a fun bumper sticker, owning allows you to make your ride uniquely yours.

There is also no mileage restriction and you don't have to worry about excessive wear and tear on the vehicle when you buy.

Does a used car fit your personal lifestyle needs better? Typically, you aren't able to lease a pre-owned vehicle, so buying would be your only option.

What Are the Disadvantages of Buying a Car?

Buying a car often requires a large down payment, which may not work for some buyers. The length of a loan can also be longer if you are trying to get your monthly payments to fit a budget.

When you buy a new car, you are also subjected to market fluctuations when you decide to sell or trade it in down the line.

Why Buy from Us?

Positive customer experience is a top priority at our dealership. We have been family-owned and -operated for four generations because of our valued customers. The moment you step on our lot, a member of our team will happily greet you and sit down with you to discuss your specific wants and needs in your next car.

Our dealership offers specials, factory-direct incentives on select models, and even a rewards program. We also offer a variety of services, from financing to our collision repair center, so we'll continue to be here for all your automotive needs for miles down the road.

Why Lease a Toyota with Us?

Our Toyota dealership offers new vehicle specials to help you get a deal on your next lease. The experts in our finance center will work with you to create a lease plan that works for you. Our team has worked with a wide range of needs and will take the time to make sure you're driving off our lot with complete confidence.

Check out our new vehicle inventory to find a model you want to lease. Schedule a test drive with us once you find a vehicle that you're interested in learning more about.

Apply for Financing in Edgewood MD

You can easily apply for financing from the comfort of your home with our online finance application. Save time at the dealership by getting pre-approved today. Simply fill out your basic information, and a representative will contact you as soon as possible.

Do you have a trade-in? Value your trade with our online tool, as well. If you have any questions along the way, don't hesitate to reach out to one of our finance experts.

Is It Better to Buy or Lease a Car?

Have you decided which method is right for you? Whether you choose to lease or buy your new car, our team at Thompson Toyota near Edgewood, Clayton, Bel Air, and Baltimore, Maryland, is here to help you in any way we can.

Whether you want to lease or buy, we'll happily help you locate the best car for your personal needs. If you have any questions, give us a call for more information about how our Toyota dealership can help.

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