Buy vs Lease Information | Melbourne FL
If you've been wondering about whether to purchase or lease a new vehicle, it can be a difficult decision. Each option offers its own advantages, and we want to help you make the right choice for you. We've gathered plenty of information to answer any questions you might have about your options. If you have more questions than what we've answered here, feel free to contact us. We look forward to helping you find the right vehicle and options!
Why Lease
a Vehicle?
Minimal Upfront Cost
You're essentially renting a vehicle when you lease one. You agree to make monthly payments for the right to drive a car, truck or SUV, and you agree to return that particular vehicle to the dealership at the end of your lease term. This usually means your financial responsibility and monthly payments are reduced. Here at Toyota of Melbourne, we frequently run new car specials with lease deals that require no money down to start your contract. That means little to no upfront costs for you.
Lifestyle Flexibility
Typically, lease periods run anywhere between 24 and 60 months, meaning you have affordable, low payments with shorter terms. Between 12,000 and 15,000 miles is the typical mileage allowance, but you can purchase more miles at signing if you need them. With a lease, you can drive a new car every few years without having to deal with trading or selling, and you have the ability to purchase the vehicle at lease-end if you love it!
Warranty Protection
Lease terms and periods are generally quite short, between two and three years. This means your new Toyota could still be covered under ToyotaCare. You also have the option of purchasing additional coverage, like Excess Wear & Tear, meaning you wouldn't be responsible for any minor dents or scratches.
Why Purchase
a Vehicle?
True Freedom
Ownership is probably one of the biggest benefits to purchasing a vehicle. Once you've paid off your vehicle's loan, assuming you didn't purchase it outright, it's yours! That means you can do whatever you want with it: sell, trade or keep it for as long as your heart desires. Plus, you have the option of customizing your vehicle to match your needs and lifestyle as a driver. It's a win-win investment that a lease deal can't offer.
Financial Flexibility
Even though most finance terms require a down payment, it is generally more financially responsible in the long run to purchase a vehicle. You have more financial options than you'd get with a lease. Also, you can decide to purchase the vehicle outright with cash or finance through us here at Toyota of Melbourne or another lender. Once you've paid off your loan, that money is secured when you keep your vehicle. By choosing to lease, you lose that money when you return the vehicle to the dealer.
No Mileage Restrictions
Ownership equals complete independence from lenders, restrictions and payments. Once you've paid off your vehicle's loan, you have total freedom: no mileage restrictions, no fees if you go over your mileage and no need for permission to leave the country with your vehicle (like you'd need with a lease). It's true freedom.
If you're interested in learning more about buying versus leasing, would like to check out our great selection of new models and quality pre-owned vehicles or are interested in learning more about your lease-end options, feel free to contact us directly or visit us at at 24 N. Harbor City Blvd., Melbourne, FL 32935. At Toyota of Melbourne, you'll find that we've got it. We look forward to serving customers from Gainesville, FL, near Palm Bay, Merritt Island and Brevard County.