New Car Leasing vs Buying

Lease vs Buy

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.

benefits of leasing vs financing a new car

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.

should i lease or finance a car

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.

lease vs finance car analysis

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.


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Google Nov 23, 2020

Great experience with the whole service dept. Steven in service was top notch, he helped me get in a rental when Don McGill told me it wasn't possible. Wish I would have purchased the vehicle from them as well.

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Google Nov 21, 2020

Mr. Rob White is a great salesman! We thought knew what we wanted but he helped us get a great deal on the 2020 Toyota Camry SE! He was very personable, knowledgeable and attentive to us and made sure we got the price we were looking for! I highly recommend him if you’re looking to purchase a vehicle! Thank you Mr. Rob!

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