Should I Buy or Lease?

Hand Filling Out Financing Documents with Miniature Car

When you are looking for a new vehicle in Bloomington, you may be wondering what the best financial path to take is. The answer is finding out what is going to work best for you in terms of buying vs. leasing. There are benefits to leasing vs. buying, but it’s essential to consider what your needs are, what you can afford, and what you want. Sam Leman Toyota Bloomington is taking a look at the benefits that come along with financing and leasing, so you can decide which is best for you.

Benefits of Buying

  • No Mileage Restrictions: If you’re driving your vehicle inside and outside of the Normal area, you may want to consider buying. Without the mileage limits you get on a leased vehicle, you can drive as much as you want.
  • Total Ownership: When you purchase a vehicle, it’s yours, and you are free to do what you want to it. There are no restrictions on how it’s decorated, modified, etc.
  • Customization: Want to make your new vehicle stand out? When you buy a car, you can make any cosmetic and mechanical changes that you want. Create the car of your dreams without any restrictions.
  • Ability to Sell: You are not locked in a lease agreement. Because of that, you can sell your car at any time.
  • Less Cost Over Time: Though buying a new car is more expensive at first, it is less troublesome in terms of cost over time as you work toward paying off your loan. With total ownership, the vehicle becomes less expensive to own the longer you have it.

Car Key and Pen on Contract

Man Giving Thumbs Up in New Car

Benefits of Leasing

  • Lower Payments: Whether it’s monthly payments or down payments, the cost of leasing a vehicle will be much lower than buying.
  • Less Sales Tax: In most states, leasing a vehicle lowers the sales tax significantly. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
  • Trade-Ins: When your lease agreement is over, the process of getting your next leased vehicle is easy. Visit our Bloomington showroom, pay any remaining fees, and drive away in your next vehicle of choice.
  • Great Coverage: Warranty coverage and maintenance when leasing is simple. When any issues pop up under your warranty, as long as you don’t go over the mileage limit, they are covered.
  • Options: Leasing lets you stay in the newest models with the latest in technology every time you lease a new vehicle. You will have a lot of options and will be able to find the perfect model with the features you want.
  • High Approval Rate: While you may be denied for a car loan, getting approved for a lease is easier. Even those with poor or no credit can be approved.

Explore Leasing and Financing Options at Sam Leman Toyota Bloomington

Whether you choose to buy or lease, remember that the decision is based on your financial situation and personal needs. What works for others may not work for you. Explore all of our Toyota leasing and financing deals, learn how to trade-in a car for the best possible deal, then stop by our dealership near Morton for a test drive. Contact us with any questions!

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