Should I Buy or Lease My New Toyota in Bradenton, FL?

We want to make your purchase process as hassle-free as possible at Gettel Toyota of Lakewood. Torn between buying or leasing a new Toyota? Check out our simplified chart we’ve created that breaks down the pros and cons of either option. Purchasing a car doesn’t have to be complex! Simplify your decision-making process even further by using our payment calculator and online pre-approval form so you can estimate your monthly payment with ease. Ready to get the ball rolling? Keep reading to find out whether buying or leasing a new Toyota is the best option for you!

How Do Car Loans and Leases Differ?

	Loan	Lease
Path to Ownership
Upfront Costs	Cash price or a down payment, taxes, registration, and other fees.	First month’s payment, refundable security deposit, acquisition fee, down payment, taxes, registration, and other fees.
Lower Monthly Payments
Customization Allowed
Covered Under Warranty
Future Value	All vehicles depreciate, but you’ll have equity when trading or selling.	The future value doesn’t affect you.
Unlimited Mileage
Fees for Excessive Wear and Tear
Fees for Early Termination
End of Term	You’ll have full equity to do what you want with the car.	Purchase the vehicle, or buy or lease another car.
Vehicle Return	Sell or trade.	Return the vehicle at lease-end and pay any applicable fees.

Why Purchase a New Toyota?

Buying a new Toyota is perfect if you’re seeking to own your vehicle from the get-go. Once your vehicle is fully paid off, you don’t have to worry about additional fees or mileage limitations. With the equity you’ve built, you now have the freedom to do as you please with your new ride, whether that’s trading it in or loaning it to a family member. In addition, you can customize your vehicle with enhanced audio systems, exterior customizations and additional features. One more advantage of buying a vehicle is the ability to trade in your current model and use its value to offset the cost of your upgrade. While there are some downsides to buying a new vehicle, such as higher monthly payments, navigating credit approval procedures and the initial down payment requirement, in the long term, you’ll gain the most advantage of owning your vehicle.

Why Lease a New Toyota?

As car prices continue to rise, leasing a new Toyota may be a more cost-efficient option because the monthly payment on a lease is usually less than what you’d spend on a brand-new car upfront. Additionally, you’ll be able to drive your leased model during its trouble-free years, and most lease terms extend up to the end of the vehicle’s limited warranty period. After your lease period ends, you can simply head to the dealership, return your vehicle and pick out a new model! Keep in mind that there are a few disadvantages with leasing: mileage restrictions, the inability to customize and fees for usage-related wear and tear as well as early termination.

If you’re ready to be the proud owner or lessee of one of our new Toyota models, feel free to contact us or visit Gettel Toyota of Lakewood at 5959 E State Rd 64, Bradenton, FL 34208. We look forward to serving customers near Sarasota, Brandon and Ruskin.

*Visit Consumer Reports’ page for more information on whether you should buy or lease.