Lease Options at Chuck Hutton Toyota in Memphis, TN

Thinking about leasing a new Toyota? Whether you've leased a vehicle before or you're new to the process, we want to explain what a lease is, the benefits of leasing and your options at the end of the lease. While leasing isn't the best choice for everyone, we hope this overview helps you decide if leasing is right for you or not. And as always, you can reach out to us if you have any questions.

What is a Lease?

A lease allows you the benefit of driving a new car without actually owning it. Instead, you'll make monthly payments for typically two to three years, depending on your lease agreement. New vehicles depreciate rapidly, and these monthly payments will cover the cost of the vehicle's depreciation. You'll be given a mileage limit, typically 12,000-15,000 miles a year, but you'll also have the option of paying more for additional mileage, if needed.¹

Benefits of Leasing

While making a lease payment is similar to making a car payment, monthly lease payments are typically more affordable than monthly car payments. The down payment on your lease should also be lower than if you were to purchase the vehicle. In addition, since you're leasing a brand-new vehicle for only a few years, you shouldn't have to worry about paying for major repairs or replacements. Because your vehicle should be covered by a warranty for the duration of the lease, you likely will only be responsible for routine maintenance, like oil changes and tire rotations.

Leasing is both convenient and flexible. You won't have to deal with selling your vehicle or trading it in, and you get to upgrade to a brand-new Toyota every few years. That means you get to enjoy perks like the latest technology, safety systems and comfort features.¹

Your Lease-End Options

At the end of your lease, you'll have three options:
1. You can trade in the lease for a new one
2. Purchase it
3. Simply return it

If you've enjoyed the Toyota you've leased, but you're ready to upgrade to the latest version of the same model (or try a new model altogether), this is a great option for you. Since you've already been through the leasing process, you know what to expect.

On the other hand, maybe you've enjoyed driving the vehicle so much that you're not ready to give it up. We don't blame you. The good news is that you can purchase it and keep driving it for many more years to come. 

Maybe you haven't decided which vehicle you want to buy or lease next, or maybe you want to explore options elsewhere. You can simply return the lease and pay any fees, if applicable, for damage to the vehicle or mileage that has gone over the limit.

For more information or to discuss your lease options further, contact us today or stop by our dealership at 4601 Hutton Way, Memphis, TN 38116. And don't forget to check out our current new car specials to see if you could get an exceptional lease offer on the Toyota you want. We look forward to serving our customers near Southaven, Whitehaven and the Goodman Road area.

¹https://www.edmunds.com/car-leasing/quick-guide-to-leasing-a-new-car.html