New Car Leasing vs Buying
Why Lease a New Car?
If you prefer to drive newer, safer, more reliable cars or trucks, prefer not to commit to a big down payment every 3-4 years, and also do not travel an enormous amount of miles annually, then a new car lease could be best for you. Leasing is designed for people who prefer to bypass the annoyance of buying and selling every time they want to drive a new vehicle.
Why Buy a New Car?
Contrarily, if you prefer long term relationships with a larger sense of ownership and commitment, then buying may be what’s better for you. Car-buying is typically best for people who do not mind driving the same vehicle for over five years or even until the vehicle is no longer fit for the street.
Leasing vs Buying: Which Is Right for You?
Being aware of the pros, cons, and overall benefits of buying vs leasing a car, truck, or SUV is critical. Be sure to look at vehicle ownership, monthly payments, repair costs, and potential savings when calculating the best new car financing type for you.
Leasing vs Buying: Ownership
When considering vehicle financing, new vehicle ownership absolutely comes with many advantages, most associated with absolute ownership of the car or truck. You may not be aware, but, there are also some great upsides of leasing, as well. It’s essential to consider all financial aspects including depreciation, down payment, monthly payments, term length, buyout payments, interest rate, and maintenance & repair costs, before making a decision. A meticulous inspection of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the optimal choice between leasing and buying a new car or truck.
Monthly Payments
Car or truck lease payments are often less expensive compared to auto loan and car financing payments as the normal lease deal is more-or-less renting with the option to buy out at the end of your lease term. Remember when leasing that you will need a decent credit score, and will be required to carry collision and comprehensive insurance, although the same can be said for the better rate auto loans. Though it can add to monthly payments, it’s also better to get a model with the features you want or need, as personal satisfaction is often priceless.
Maintenance & Repair
Auto leases often include regular vehicle maintenance & repair. It is important to remember this when calculating monthly costs of ownership vs leasing. No matter what make and model you buy, mechanic bills are an uncertain cost that can quickly add up. And for those of us who aren’t certified auto mechanics with a hydraulic jack and full toolset in the garage, leasing may be the best option for peace of mind.
Savings vs Investment
Generally speaking, a new car lease saves money in the short term with lower monthly payments, while buying gets you a long term investment, meaning absolute ownership of the value of the car or truck at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For your best investment on a financed/purchased vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.
| Lease | Buy | |
| Ownership | No Ownership | Pride of Ownership |
| Down Payment | Smaller Down Payment | Larger Down Payment |
| Monthly Payment | Smaller Monthly Payments | Larger Monthly Payments |
| Maintenance & Repair Costs | Typically Included | Not Included |
| Savings/Investment | Short Term Savings | Long Term Investment |
| Finance Term | Approx. 2-4 Years | Approx. 3-6 Years |
| APR % | Credit-Based | Credit-Based |
| New Vehicles | Available | Available |
| Pre-Owned Vehicles | Not Available | Available |
| Vehicle Customization | Not Available | Available |
| Poor Credit Financing | Not Available | Available |
Toyota Lease and Finance Offers In Richmond TX
Sterling McCall Toyota Fort Bend knows that choosing the right Toyota car and financing option is never easy. Our team of experienced Toyota lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location in Richmond, TX. We look forward to serving you.
I highly recommend this Toyota service center. We go here regularly thanks to the staff being extremely helpful and kind to us. They do not lead us around in circles but are very transparent and honest about how we should go about certain things. Our service agent Mr. Trieu Nguyen is especially helpful and honest as he does his best to ensure we get high quality service whenever we visit this location. Look for Mr. Triue Nguyen if you need a quality service for your vehicle.
3 weeks wait for a 2022 Tundra. The salesman Sunday was great in letting me know what was available. I ordered SR5 and was told to wait but Sunday called up and said that 1 was on the lot and see if I wanted it. I took it, I was there less than 2 hours and drove back. Very pleased with the truck, with Sunday and the overall experience.
Service Advisor Ceasar is an example of a great professional, Attitude ,Patience, and much more than that.
I was looking for a car, and just looking but the manager emailed and called me, just to talk about my possible buy, I loved that good old customer service that makes me know where to look first when I do decide.
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(281) 341-5900
Call Now20465 Southwest Fwy • Richmond, TX 77469
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