Leasing a Vehicle: The Pros and Cons

April 15th, 2014 by

car leasingWhen you’re in need of a new vehicle, you have the option to lease but it’s a big decision. If you’ve never leased a vehicle before, you may have a lot of questions. You’ve probably heard some people talk about how it’s a great idea and they wouldn’t consider anything else while others say they would never lease a car. It can get very confusing but knowing the facts can help you make a good decision.

The reason you hear so many conflicting stories about leasing a vehicle is because there are both pros and cons associated with leasing. When the leaser feels that the pros outweigh the cons, they have a positive experience and recommend leasing to everyone they know. On the other hand, when the person feels the cons prevail over the pros, you hear a completely different story. Therefore, you have to decide for yourself if it’s right for you and that’s easier to do when you know both the pros and cons associated with Toyota leasing.

The Pros

Leasing a car does have a lot of advantages that make it very appealing. For example, you can always drive around in a new model vehicle that has all the latest features. Normally, the leasing agreements last for two or three years and then you trade it in for another one.

Having lower monthly payments and not having to put as much cash upfront also makes leasing very appealing. Since your payments are usually lower than they would be if you were buying the vehicle, you may be able to get a more expensive model than you could afford if you were buying.

Other pros can include paying a lower sales tax, regular maintenance checks, full service warranty and never having to worry about selling your car when you want a new one. At the end of your lease, you simply turn it in and you can leash a new one or if you end up really liking the car, you usually have the option to buy.

The Cons

As you can see there are a lot of good reasons to lease a vehicle but before you make that commitment, you need to know why some people prefer to buy. At the top of the list is the mileage limit. If you drive more miles than what the leasing agreement allows, you’ll be charged a mileage fee that can end up being very expensive.

You might be charged extra fees at the end of the lease if the dealership determines the car has undergone excessive wear and tear that lowers the value more than what was predicted. This can include everything from dirty seats to scratches and dents in the body of the vehicle. If you need to cancel the agreement due to some unforeseen event, you’ll also have to pay an early termination fee.

Another thing that some people don’t like is that the vehicle belongs to the dealership, not you. This means that you cannot do any type of customizing such as installing a new stereo system or buying custom wheels. The lease prohibits any modifications.

Knowing both the pros and cons of leasing a vehicle will help you decide if it’s the right choice for you personally. If you’re still not sure, you can go over your situation with your Toyota dealer and he can help you decide which option would suit your needs the best.

Posted in Toyota Leasing