Leasing vs Buying in New Castle, DE
Have you finally decided which of our stunning vehicles you’d like to take home from Price Toyota? If so, you still have a few decisions to make, so don’t hesitate to get in touch with our for some assistance. While most drivers are familiar with how buying a car works, fewer individuals are up to speed with what leasing one entails. To ensure that you have all the facts, we’ll be diving into both avenues!
Financing a Purchase
If you’ve ever purchased a vehicle, then you probably financed it with a car loan. Since few can afford to shell out for the full sticker price, this is the way that most people choose to get behind the wheel. With this path, we simply break up the cost of your model into that you’ll pay over the course of four to seven years. Once the loan and any accumulated interest have been paid in full, the car is yours to keep for as long as you wish! Plus, you’ll get to drive it around as much as you please and eventually pass it down to your kids.
What Is a Lease?
So, how exactly does a lease work? Instead of paying to own, you’ll be borrowing a brand-new car, truck, minivan, or SUV for a short period of time—about three years—before returning it to us for an upgrade. The major advantage here is the fact that your monthly rate will be lower when compared to buying, since your payment is determined by the vehicle’s depreciation. Additionally, you get to choose your yearly mileage limit, making it easy to fit a lease into your budget and lifestyle. After your contract expires, you can choose to lease the latest iteration of your current ride or a new model entirely. We would be more than happy to go into deeper detail if you wish to learn more!
Which Is Best For Me?
The choice between leasing and financing typically comes down to personal factors, such as your current financial situation, daily needs, and future goals. For instance, if you’re looking to make an investment for the long haul, then purchasing your ride might make more sense. The same goes for if you’re interested in a pre-owned model. On the other hand, if you’re low on funds but still want to drive a factory-fresh set of wheels, then leasing is more up your alley. Pursuing a lease is also wise if your tastes change frequently and you anticipate that you’ll want something new in a few years.
For additional information about leasing vs buying in New Castle, DE, give the experts at Price Toyota a call! We love helping customers with choosing the right type of plan for their needs, so we’ll do everything in our power to craft a contract you love. It’s just one reason why we’ve received so many !
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