Leasing Vs Buying: Which Is Right for Your Budget

You spend hours browsing forums, watching videos, and reading reviews to find the perfect car. But what should you do after you finally decide on the right vehicle? It’s time to determine which financing plan is right for you. Typically, your options include leasing or all-out buying the car for yourself. While both options get you behind the wheel of your dream car, they work differently in practice. Join us today as Toyota of Rock Hill explores buying and leasing to help you decide which is right for you. For more information, stop by our Toyota Finance Center, where one of our experts can discuss the pros and cons specific to your financial situation.

All About Car Leases

Do you want to always drive the newest and sharpest Toyota vehicles? Then a car lease is the option for you. With a lease, you’ll make monthly payments to continue to drive your Toyota.

Typically, the duration of a lease is around three years—upon ending, you get the choice between re-leasing the Toyota you’re driving, trading it in for a new lease with a new vehicle, or outright buying your currently leased Toyota.

A car lease is best if you’re looking for a short-term/ low-commitment option to drive your car since you can always trade-in for newer models at your lease’s end. Also, the monthly payments are typically lower than what you’ll pay for an auto loan on the same car—making a lease much more budget-friendly. To help your budget even more, you usually only pay a first month’s payment, a security deposit, a low down payment, and nothing more when you start a lease.

Note that with a car lease, you’ll need to eventually return the car (unless you plan to buy once your lease ends). That means you’ll need to remove any modification and aftermarket parts. Also, you’ll usually need to pay for any excess damage or wear and tear that occurs during your lease. You’re also limited on the miles you can drive during the lease period before you’re charged—but your mileage allowance easily fits into most commutes alongside fun travels on the side.

So, a car lease is right for you if:

• You want something short term/ not permanent
• You always want to drive the newest cars from Toyota
• You want a low down payment and monthly payments

All About Car Buying

Want to stick with a Toyota for years to come (and do with it what you please)? Then buying is right for you. When you buy a car, you’ll have a choice between buying with cash or visiting our Toyota finance center and taking out an auto loan—where you make payments until you fully pay off the car.

When you buy with an auto loan, the car is technically yours from the start. So, if you wanted to tune out your Toyota Camry or get a paint job on your Toyota 4Runner, you’re free to do so with no penalty. As far as the loan terms go, your payments and loan duration are usually flexible based on your budget needs.

Also, once the car’s paid off, it’s 100% yours. You can stick with your ride or sell it for personal profit. There’s also no reason to worry about the miles you drive since you won’t be charged.

This also makes buying an ideal choice for you if:

• You want to drive your car long-term
• You want to own your car
• You want to customize your car

Online Tools to Make the Job Easy

With Toyota of Rock Hill, we have all the online tools you’ll need to make financing your Toyota easy. Our online Finance Center allows you to apply for financing from the comfort of your couch. We also have a payment calculator so that you can play around with different down-payments and loan terms to see what works best for your budget.

If you plan to lease your car, our Current Lease Offers helps you find budget-friendly deals on APR rates, down payments, maintenance plans, and more on our latest Toyota models. Check in often to see what you can find.

Why Finance with Toyota of Rock Hill

When you shop with Toyota of Rock Hill, you’re protected with our Rock Solid Guarantee to ensure you have nothing to lose. This package is full of complimentary benefits with every purchase. Our Rock Solid Guarantee proves our loyalty to providing our customers with the best service that we can offer.

To ensure you’re getting the best value possible, Toyota of Rock Hill uses Internet Value Pricing to poll more than 20,000 automotive inventory websites daily to offer our best price. You’ll also see real-time updates with no hidden fees or pricing tricks.

Still not sure if buying or leasing is right for you? No problem, stop by our Finance Center today, where one of our experts will work with your budget and driving needs. Don’t forget to visit our online Finance Center to find manager’s specials, lease offers, and pre-owned vehicle specials to help you get behind the wheel of your next vehicle at a price that works for you. Feel free to also visit Toyota of Rock Hill in person to test drive any cars that stand out to you to ensure the vehicle is the right fit for you.