Is a Toyota lease the right move for you? Some motorists may benefit more from a lease; it really comes down to your personal preference. Here are three reasons a vehicle lease may be the right decision for your specific commuting and budgeting needs.
#1 Acquire a New Car Every Three Years
Most car leases are 36 months in duration. Upon the end of the lease period, you can return the car and begin a lease on a new model. Essentially, you can switch to a new car, complete with the latest automotive technology and features, every three years. You’re not tied to the same car for the next 10 to 15 years.
#2 Lower Repair Costs
As mentioned, lease periods are usually 36 months. This is also roughly the length of the car’s warranty period. This means any problems that arise are likely covered under the warranty for the full lease duration, resulting in little to no out-of-pocket expenses when it comes to maintenance and repairs. Review the warranty, though, to be sure what is and isn’t covered under the terms and conditions.
#3 Lower Down Payment
The average down payment for a car purchase is usually 10% to 20% of the vehicle cost. With a lease, the initial payment is limited to the first month’s rent plus additional costs like taxes, registration fees, and acquisition fees. In addition, monthly payments are also lower on average. The payments only cover the depreciation and not the value of the whole car as is the case with a car purchase.
Visit Heritage Toyota Catonsville to see the available Toyota models. We have models like the Toyota Highlander and more for both lease and purchase.
