Leasing a New Toyota Explained
Leasing a New Toyota Explained
Posted on June 9, 2023
Do you want to lease a new Toyota? Are you not sure how leasing works or how leasing is different from financing a new vehicle? This blog post will explain what leasing is, the benefits, and how you can lease a new Toyota.
What is a New Car Lease?
When you lease a vehicle through Toyota, you agree to a contract that outlines a specific timeline that you drive the vehicle for, how much that will cost, how many total kilometers you can drive during the lease, and what the car will be worth when the lease is over.
Some Alberta drivers love leasing a vehicle as opposed to buying it. Why? Because a lease allows drives to enjoy a brand new vehicle without the long-term responsibility and financial commitment that comes with owning it. Leasing is essentially paying for only the time you have the vehicle.
- Less Financial Commitment
- No Long-Term Costs
- Zero Resale Hassle
How Does Leasing a New Car Work?
At Mayfield Toyota, we have several options available, so our customers can customize a new car lease that works for them. You can lease a vehicle from up to 24 to 60 months and make the lease transferable which means if you no longer want to drive the vehicle, you can transfer it to someone else.
With a Mayfield Toyota lease, you have the option of driving 16,000, 20,000, or 24,000 kilometres per year on the lease. If you want to drive the vehicle more often, you can always add extra kilometres before or after you sign the lease. Keep in mind, if you add extra kilometres after the lease is signed, there are more costs involved.
When your lease is over, you have three options to choose from.
- Lease or rinance a new toyota
- Purchase the leased vehicle
- Return the leased vehicle
If you were pre-approved for a new vehicle before you started the lease, that means you can purchase the vehicle after the lease is done without the hassle of a credit check. The entire process is streamlined so you can leave the lease and enter ownership with ease.
Why Lease a Toyota?
We already broke down the benefits of leasing a Toyota earlier, but now let’s dive in a bit further.
When you lease a new Toyota, you enjoy low monthly lease payments and can transfer ownership of the lease more easily than if you were to finance it. You also avoid long-term maintenance fees that naturally come with a vehicle over time. There are no immediate taxes upfront when you lease - and if you lease a vehicle for business reasons, there are even some tax rebates involved.
Leasing a new vehicle also means you get to enjoy the latest and greatest in connectivity and safety features that are available every few years. When you finance a vehicle, it ages out over time. With leasing, once your lease is up, you can drive it back to the dealership and get into a new lease with a new car that has all new features.
What Are The BIG Differences Between Leasing and Financing a Toyota?
How do you know if leasing is right for you? First, it’s important to know the differences between leasing and financing. Finance a Toyota is when you take out a loan from the dealership to pay for the vehicle in full over the course of several years. You pay back the loan, with interest, to the dealership, until the car is paid for.
The biggest difference between finance and leasing a vehicle is that once a finance contract is over, you now own the vehicle. When your leasing contract is over, you either trade the vehicle back in for a newer one or purchase it outright. Because of this distinction, financing monthly payments are usually higher than leasing payments.
If You Prefer….
- Always Driving a New Car
- Lower Monthly Fees
- Short-Term Commitment
Then leasing a vehicle might be the perfect option for you. If you have questions about leasing vs. financing, our knowledgeable and friendly team of finance experts are here to help.
We have experience working with people from all backgrounds and financial situations. If you are interested in a new Toyota, but might not have the financial means to finance it, consider leasing. Either way, we are here to assist you by going over all your options and coming up with a plan that best suits your financial needs.