Differences Between Leasing vs. Financing in Tinley Park, IL
Upgrading to a new Toyota car, truck, or SUV is a big decision. Not only do you have to find a model that satisfies your driving needs and wants, you have to decide whether you are going to buy or lease it. Review the pros and cons of each below to help you determine which payment plan is best for you. If you have any questions after reading our comprehensive comparison below, please don’t hesitate to give the team at Orland Toyota a call at (708) 429-3900 .
We also encourage you to explore our new Toyota inventory and pre-owned inventory at our Toyota dealership in Tinley Park, IL to find the car, truck, SUV, or minivan you want to take for a spin. Then schedule your test drive using our appointment scheduler .
- If you always want the latest safety and entertainment technology in your vehicle or want to upgrade to a newer model every few years, leasing is a great option. Lease agreements are typically between three and five years.
- Because you are only paying for the value of the vehicle that depreciated during your lease period, your monthly payments are typically much lower than if you purchased the vehicle.
- Leasing often requires much smaller or even no down payments than when you purchase a new vehicle.
- Your maintenance costs are drastically lower when you lease a new vehicle since the vehicle is typically under the manufacturer’s warranty. You’ll also save quite a bit because major component repairs are covered as well.
- While leases are short-term, they often follow strict guidelines. If you decide you no longer want the vehicle during the lease period, breaking your agreement will most likely come with steep penalties.
- Leasing a vehicle comes with strict mileage restrictions, typically between 10,000 and 12,000 miles per year. Exceeding the mileage limit could result in fees when you return the vehicle at the end of your lease period.
- You will not be able to make any modifications or add upgrades to the vehicle because you are only “borrowing” it and do not own it.
- Because the dealership still owns the vehicle during your lease period, keeping the interior and exterior in like-new condition, and keeping up on regular maintenance is critical. Excessive wear and tear will result in fees. You will also be responsible for any repairs needed to recondition the vehicle.
- When you decide to buy a vehicle instead of leasing it, you can customize it in any way you choose.
- Buying a vehicle means there’s no need to worry about exceeding a certain number of miles per year. You can drive your car as often and as far as you’d like.
- Once you’ve made your last monthly payment, you own your car outright and can pocket the savings. You can also decide to sell your vehicle or trade it in at any time.
- You only have to worry about excessive wear and tear if you choose to. Since you own the vehicle, you can treat it any way you want.
- Buying a vehicle often means higher monthly payments, taxes, and dealership fees. You will also be required to make a down payment.
- Because the upfront costs of buying a vehicle are much higher than leasing, you may have to compromise on certain features to stay within your budget. You may also not be able to upgrade to a new vehicle as often as you’d like.
- Once the manufacturer’s warranty has ended, all maintenance and repair services your vehicle needs will be your responsibility, including major components like the transmission and engine.
Why Buy or Lease at Orland Toyota
Whether you choose to buy or lease your next vehicle is ultimately up to you. But at Orland Toyota, you’re sure to have the ultimate purchasing experience either way. Our passionate and knowledgeable auto finance team is dedicated to making sure you end up with the ideal payment plan for your budget and lifestyle. With our finance experts helping you every step of the way, you’re guaranteed to leave confident you’ve made the best decision for you.
Apply For Financing
If you’re ready to take the next step in the car purchasing process, apply for financing using our secure online finance application . If you have any questions, reach out to the auto finance specialists at our Toyota dealership in Tinley Park, IL using our contact form .