What Are the Differences Between Leasing and Purchasing a New Toyota? The Finance Experts at Kokomo Toyota Provide the Answers

The debate between leasing and buying is one that a lot of customers have when it is time to buy a new vehicle. There are many advantages to both options and finding out which choice fits your lifestyle and budget is worth exploring. Many drivers will admit that there is so much misinformation out there that they are not entirely sure of the difference between the two financing options. The finance center at Kokomo Toyota, located at 3815 South LaFountain Street in Kokomo, IN is your hub for all things auto finance-related. We can help you get the answers you need to make the right decision for you.

Buying Your New Toyota

Although, a discussion with one of our finance experts is the best way to determine whether purchasing or leasing is right for your situation, people who purchase tend to be people who enjoy owning their vehicles for several years. They also like the equity that comes once a car loan has been paid in full. This equity can be used toward the purchase of a new vehicle or for something completely different. Kokomo, IN customers who buy also tend to like the fact that they don't need to worry about mileage restrictions or potential damage fees. We also get a lot of drivers who choose to purchase their new Toyota because they want the freedom to personalize or customize it.

Leasing a New Toyota

Unlike the purchase of a new Toyota, someone who leases will only have the vehicle for a predetermined time, typically two to four years. They will also have a mileage limit that they can't surpass without getting an over-mileage fee. However, since a lease means you are only paying for the time you are using the vehicle, it means you can get a much lower monthly payment than you would with a traditional auto loan. Also, with a lease agreement, you have access to a new Toyota every two to four years. People who lease tend to drive fewer than 15,000 miles a year, don't want to customize or personalize their vehicle, and like the idea of having access to new technology and upgrades regularly.

Learn More

Do you still have questions? Do you want to find out about the financing options for leasing and purchasing that Toyota is currently offering? Contact a finance expert at Kokomo Toyota, in Kokomo, IN, and get all your buying and leasing questions answered.

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