There are many factors that go in to deciding whether to lease or buy a new car. Cost aside, it really comes down to your priorities, lifestyle, and what will work for you. Below are some pros and cons that can help you determine whether you should lease or finance a new car.
Pros
- Substantially lower monthly payments.
- Down payments, if at all, are small.
- No up-front sales tax fees.
- No depreciation concerns.
- If you own a business and use the vehicle only for business purposes, you can claim it as a tax deduction.
Cons
- Higher insurance premiums.
- You’ll always have car payments.
- Penalties for exceeding allotted miles. This generally ranges between 15 to 25 cents per extra mile.
- Wear and tear fees, creating heightened concern when traveling with pets or small children.
Pros
- Eventual ownership, freeing you from the pain of payments.
- After the vehicle is paid off, you’re free to sell it at any time.
- You can drive it at will, never having to worry about mileage limits.
- No worries over minor mishaps like spilled coffee stains on carpeting or a dog-chewed seat belt.
- You’re free to modify and/or accessorize.
- Insurance costs are generally lower than leased vehicles.
Cons
- Monthly payments are higher than those of a leased vehicle.
- Dealers require a hefty down payment.
- Rapid depreciation, diminishing the vehicle’s resale value.
- With extended use you can expect to incur repair bills.
If you’re still unsure about what would be the best option for you, or if you have any questions regarding leasing or financing, come in and meet with 802 Toyota Scions’s experienced and knowledgeable sales staff and they can help you in your decision. Or you can contact them by calling 802 Toyota Scion‘s Sales at (802) 229-9117.
802 Toyota Scion also has Zero Down Lease Deals on many new models! Check out the new models available at ZERO down by clicking here!
Source: Edmunds.com