Leasing vs Buying
Toyota drivers are planners, doers, and everyday adventurers. Whether you’re eyeing a new RAV4, Tacoma, or Prius, the next question is how to finance it. At Andy Mohr Toyota, we work with Avon, and Indianapolis, and Plainfield, Indiana, drivers every day to help weigh the options of leasing vs. buying—and when you’re choosing a Toyota, both options offer plenty of benefits. Let’s walk through the differences so you can decide with clarity and confidence.
Should I Buy a Toyota?
Toyota vehicles are known for legendary reliability and long-term value, so it’s no surprise that many buyers choose to finance and keep their Toyota vehicles for years. Once your loan is paid off, your car is 100% yours, and you won’t have any more monthly payments.
Buying is especially smart if you rack up miles with road trips or commutes, or if you want the freedom to modify your ride. The long-lasting engineering of a Toyota means your investment pays off long after the final payment is made. Plus, ownership lets you build equity, which could go toward your next Toyota when the time comes since you can get great value for it as a trade-in.
Why Should I Lease a Toyota?
Leasing a Toyota is a great fit for drivers who enjoy fresh technology, efficient performance, and the peace of mind that comes with always driving something new. Monthly payments are often lower, and since most leases line up with warranty coverage, major repairs are rarely a concern.
Leasing is also ideal if your needs might change in the next few years. From starting a family to switching jobs, life moves quickly and leasing a Corolla today might turn into leasing a Highlander tomorrow, all with less financial commitment than buying.
What to Consider Before Deciding to Lease vs Buy
Before you choose between leasing or buying, it helps to think through a few personal priorities. If you see yourself driving the same vehicle for many years and want to build equity over time, buying might feel more rewarding. This is especially true considering Toyota ranks highly in dependability according to J.D. Power.*
On the other hand, if your lifestyle changes frequently or you simply like upgrading every few years, leasing could be a better fit. It keeps your options open and avoids the long-term commitment of ownership.
Then there’s the financial side. Lower monthly payments often come with a lease, which can free up room in your budget now. But buying puts you on a path toward owning your Toyota outright, and eventually, driving without any monthly payments at all.
FAQs
What are my end-of-lease options for a Toyota?
At lease-end, you can return the vehicle, buy it out, lease a new Toyota, or explore other flexible options through your dealer.
What is a lease “maturity date” on a Toyota lease?
This is the final day of your lease term when your contract ends and your return or purchase decision is due.
What costs are due at the start of a Toyota lease?
Typically, you’ll pay the first month’s payment, acquisition fee, applicable taxes, registration, and possibly a security deposit.
How do Toyota lease mileage allowances and excess-wear fees work?
Most leases include a set annual mileage limit. Exceeding it or returning a vehicle with more than normal wear may result in extra fees.
What is the difference between leasing a new Toyota and leasing a Toyota certified used vehicle?
Leasing a new Toyota offers the latest features and warranty coverage, while leasing a certified used Toyota may offer lower monthly payments along with rigorous certification and limited warranty benefits.
Visit Our Finance Center
Whether you’re leaning toward leasing or buying your Toyota, our Andy Mohr Toyota team is here to help. We’ll walk you through your options, talk through your goals, and get you out on the roads of Avon, and Indianapolis, and Plainfield, IN, with confidence. Contact us now to learn more about our financing offers.