WHY LEASE A NEW TOYOTA????
- Usually under your full manufacturers warranty for the entire lease term
A 3 year 36k miles lease will be fully covered by your basic warranty. Extra warranty coverage can be purchased if necessary.
- Always have a late model vehicle with the latest safety and efficiency technology
With the fast past changes in the automotive idustry why commit yourself for 5+ years to a vehicle that may be completely outdated in 3 years?
- Never have to worry about the market, and what your car is worth versus what you owe.
As new vehicles are designed with more benefits, and features the used ones depreciate even faster. With a lease, that is not your problem.
- Monthly payments are generally lower
A lease payment can be up to $200 less than a conventional loan payment. Most people trade their car in before the loan is paid off anyway, so why not have a lower payment and not worry about trade-in values?
Let's say you buy a car and decide on a 72 mth loan. WHAT IF??..
-Gas goes to $5 a gallon, and your car gets 20 MPG?
-In 3 years
-Things change and you determine you really can not afford this car?
-The car simply does not fit all your needs?
-You get rear-ended causing significant damage to your car, and even after it is fixed dramatically effects the value?
Any of this sound possible?
Well now the problem is that even after making 36 payments you still have 36 more and your payoff is $5000 more than it's worth. At this point your options are limited. Any way out of the car will be costly.
Now let's say you leased that car for 36 mths. That means in only 36 months you get to choose how to proceed.
You can:
- Keep the car. At the onset of the lease the residual value is set. At any point you can purchase or finance the car for that price plus any remaining payments. Surprisingly, many times if you factor in interest charges the overall cost is not much different than if you had bought the car originally.
- Sell the car. If you have a buyer go ahead and sell it, anything above your payoff is money in your pocket; it is the same as if you had purchased the car originally!
- Trade the car. Because of Toyota's excellent residual value we can allow more than your payoff as a trade!
- Walk away. If you simply want something new just turn in the keys and start from scratch.