Are you ready to get a new vehicle, but unsure whether you should buy or lease it? We thought we’d share some benefits of both for you in order to have a starting point when making your decision.
Let’s compare the benefits of financing a car versus the benefits of leasing a car. When you finance a vehicle, it’s yours, and you will no longer have to make payments on it after some time. There are no mileage penalties and your insurance is less limited, and you are also able to create equity, based on your vehicle’s depreciation rate.
When leasing a vehicle, you have less to worry about and pay for in regards to maintaining it. You’re also driving the newest or newer model, and can do so continuously. You also don’t absorb the full depreciation costs of the car, but only pay for the length of your lease.
Now, both financing and leasing have disadvantages, such as paying back the interest when a car is purchased, or dealing with higher coverage costs for a leased vehicle. There are an endless number of factors to consider when deciding between financing or leasing, so outlining both the benefits and disadvantages in terms of priority can be of benefit when making your decision.
Earl Stewart Toyota is happy to assist you in your decision any way we can, so feel free to stop in or shoot us a message!



