Buying VS Leasing
Buy vs Lease

Buying vs. Leasing Your New Vehicle in Lansing, MI

When shopping for a new vehicle, you are faced with many decisions. Once you choose which make and model you want, you then need to decide whether you want to lease or buy. This decision can be hard to make, which is why we at Spartan Toyota have made a list of benefits for both options. To find out which choice is right for you, keep reading.

WHY LEASE A VEHICLE?

Freedom of Choice

The main benefits of leasing a vehicle are freedom and flexibility of choice with the vehicle that you want to drive. When leasing, customers can drive a new vehicle every few years if they want. They can also postpone the purchase decision while avoiding the hassle of selling or trading the vehicle.

Flexibility

A typical lease term ranges between 24 and 60 months. Payments are more affordable with shorter leases. Mileage is also your choice. 12,000 or 15,000 miles per year is the usual limit, but if you plan to drive more miles than that, then you can choose to purchase more miles at signing.

Lower Payments

Your financial responsibility and monthly payments could be significantly reduced because you're only purchasing the right to drive a vehicle for a specific period of time. In addition, if you're not prepared for a large down payment, then leasing may be the best option for you since there are available leasing options that require no down payment.

Hazard-Free Driving

Since most leases last two to three years, your vehicle generally includes warranty protection for as long as you have it.

True Convenience

All you have to do when a lease ends is return the vehicle and pay any remaining fees (for excess mileage or wear and tear, for example) and taxes. If you decide to keep your vehicle at the end of your lease, you can purchase it at a price that has already been set. Whether you choose to return your vehicle or buy it, you won’t have to to sell it or trade it in unless it benefits you.

WHY BUY A VEHICLE?

Ownership

The main benefit of buying rather than leasing is the fact that the vehicle becomes yours. Buying is the better option for you if you want to keep your vehicle for a longer amount of time. Another perk of buying rather than leasing is that you can choose to customize your vehicle to match your lifestyle, if you want.

No Mileage Limitation

If you choose to buy your vehicle, you won’t have to worry about mile restriction. Leasing requires that you determine how many miles you plan to drive each year, while ownership enables you drive as much or as little as you want without collecting fees.

Payment Flexibility

If you purchase your vehicle, you can either finance it or pay cash right away. If you buy with cash, the vehicle becomes yours right away and you won’t have any monthly payments. If you choose to finance, you will be given an extended period of time with a loan to pay off the vehicle. When financing, we strongly recommend that you acquire the most affordable, dependable and competitive rates available for the best results, such as what we offer at Spartan Toyota.

True Freedom

When your payment schedule is completed, typically between four to six years, the vehicle is now yours. You can drive your car for as long as you want without making any more payments, or you can sell or trade it in whenever you want. Because you are no longer making monthly payments, you could potentially place those same funds into your savings account.

For any questions, or to learn more, please visit us at 5701 S. Pennsylvania Ave. Lansing, MI 48911. We look forward to serving customers from Williamston, DeWitt, Jackson, Brighton and Mount Pleasant.


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