Should I Buy or Lease?

Signing Finance Documents for Car

Are you looking for a new vehicle to spice up those Santa Cruz commutes? If so, you might be wondering what financial path you should take. While there is no single right way to go about getting into the car of your dreams, the finance experts at Santa Cruz Toyota can help you decide what works best for you in terms of leasing vs. buying.

Benefits of Buying

If you’ve been asking yourself, “Should I buy or lease?” it’s important to know that there are benefits to both. When choosing between the two, Monterey drivers should start by thinking about what your needs are, what you can afford, and what you want. Let’s take a look at some of the benefits that come along with financing a vehicle:

  • No Mileage Limitations: With the absence of mileage limitations often imposed on leased vehicles, financing allows you to drive wherever you want, as much as you want without the threat of additional fees later on.
  • Total Ownership: Buying a vehicle means it’s entirely yours. There are no restrictions on how it’s customized, modified, or decorated, and you have the freedom to trade it in or sell it whenever you want.
  • Financing Options: While leasing itself isn’t a hassle, the financing process is generally more straightforward, and there are options available to individuals without perfect credit scores. When buying, you can also refinance your loan to lower your interest rate and monthly payments after a certain time.
  • Less Cost Over Time: Though buying a new car is more expensive upfront, your vehicle becomes less expensive to own the longer you have it.

Apply for financing online to see what vehicles you are approved for!

Benefits of Leasing

Now that you’ve read about the benefits of financing your next vehicle, let’s take a look at the benefits of leasing a vehicle:

  • Lower Payments: Whether it’s monthly payments or down payments, it costs less to lease a vehicle than to buy.
  • Less Sales Tax: In most states, leasing a vehicle lowers sales tax drastically. In some areas, you only have to pay tax on the down payment and monthly payments.
  • Trade-Ins: When your lease agreement is over, getting your next leased vehicle is simple. Head to your local Capitola dealership, pay any remaining fees and drive away in your next vehicle of choice.
  • Great Coverage: Warranty coverage and maintenance is a breeze when leasing, as any issue that pops up under your warranty is covered, provided you don’t go over the mileage limit.
  • Options: Leasing allows you to stay in the newest models with the most up-to-date tech every time you lease a new vehicle. You’ll have tons of options and will be able to find the perfect model and features for you.

Explore Leasing and Financing Options at Santa Cruz Toyota

Whether you choose to lease or finance your next vehicle, remember to base your decision on your personal needs and financial situation. What works for some might not work for others. Be sure to explore all of our new Toyota offers and incentives, then head over to our dealership near Aptos for a test drive. If you have any questions, feel free to contact us today!

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