Toyota Financial Services

Buying vs. Leasing

After finding the perfect vehicle at Phil Wright Toyota, customers then face the choice of whether they want to buy or lease their new vehicle. So to help your car buying or leasing experience go more smoothly, here are a few things to remember.
 
Buying

1. If you pay cash, you can own the car outright and not have to worry about making any monthly payments. Even if you choose to finance your new vehicle, you will still eventually own it - therefore you can keep it for as long or as short a period as you like, put as many miles on it as you like, and customize it…how you like!
2. If financing, you must provide an initial down payment. Monthly loan payments are usually higher than leasing since it includes taxes, interest rates, as well as the purchase price.
3. You maintain value/equity of the vehicle.

Leasing

1. The vehicle belongs to the dealership; therefore you have no equity in the vehicle. Usually, there is also a limit of miles you can put on the car. After a pre-set amount of time, the vehicle will need to be returned, however, you are able to trade in for a new model at the end of the term.
2. Similarly, a down payment must be put down as well as a security deposit.
3. Monthly payments are usually lower.

If you have any questions, please do not hesitate to contact us at Phil Wright Toyota, where our knowledgeable and friendly staff will be happy to answer any of your concerns.