Should You Buy or Lease a New Toyota in Memphis, TN?
Should You Buy or Lease a New Toyota
in Memphis, TN?
If you’re ready to get behind the wheel of a new Toyota, you may be wondering if it’s better to buy or lease your vehicle. Is there much difference between the two options? Which gives you the most return on your investment? Which is better for flexibility? Chuck Hutton Toyota can help. Over the past 100 years that our dealership has been in business, we’ve worked with many customers as they’ve chosen whether to buy or lease — and we want to help you, too! Below we’ve compiled a list of the benefits for both buying and leasing, so take a look with your priorities in mind and see which one seems like the best fit for you.
Why Purchase a Vehicle?
Moderate Monthly Payment
When you lease your Toyota, you’ll make monthly payments until the end of your lease, at which point you’ll return the vehicle to our dealership. These payments may be lower than those you’d pay if you choose to finance, which means you’ll get to drive a brand-new car for a limited time without paying full price. Since this is a temporary arrangement, leasing allows you to upgrade on a regular basis to a new model that has the latest technology, safety features and amenities.
Lifestyle Flexibility
If your job, family life or hobby keeps you on your toes, leasing a car can provide the flexibility you need. When you lease, you’re only committing to the car for two to three years (24-36 months). If you don’t anticipate needing a car after that period, you can just return your vehicle and move on to your next adventure. If you work from home or live in a city with public transportation, leasing can be a good way to have a car when you need it without committing to an entire purchase. Lessees are given 10,000 to 12,000 miles per year on their vehicles (so you might not even use all the miles), but if you need more, you can always purchase more at signing if you expect to take road trips in the vehicle. Once your lease expires, simply return the car to our dealership without the hassle of selling or trading in.
Warranty Protection
When you lease for two to three years, your new Toyota will be covered by the New Vehicle Limited Warranty for three years or 36,000 miles (whichever comes first) and the Powertrain Warranty for five years of 60,000 miles (whichever comes first). This means you’ll get to drive your vehicle during its years of peak performance while also benefiting from the coverage of a warranty for any potential manufacturer defects or other qualifying repairs. Your lease may even include complimentary oil changes or other scheduled maintenance. So when you choose to lease, you’re getting the very best that Toyota offers during your time with the vehicle.
Why Lease a Vehicle?
No Additional Fees
Leasing is a great option for all of the reasons we just listed, but lessees are held responsible for excessive wear and tear, exceeding mileage limits and exiting the lease agreement early. This means you may end up paying extra fees when you lease. If you customize your vehicle or damage it in any way, you’ll be asked to remove any customizations and pay for repairs at the end of your lease period. When you buy a new Toyota, you can enjoy it however you want to with no additional fees. Replace the sound system, swap out the wheels, personalize your vehicle in any way you please — just try to keep your vehicle’s warranty valid as long as you can.
Financial Flexibility
While buying a vehicle is a big investment, there are many ways you can lower your costs, both upfront and over time. Saving up for a large down payment can help reduce your monthly payment, and if you pay cash, you can avoid paying interest. If you apply for credit through Chuck Hutton Toyota, we make it easy and stress-free to get financing that works for your budget. We also offer incentives on new cars to help you save even more. When you buy a new Toyota, every dollar you spend goes toward owning the vehicle, which yields a better investment in the long run. If you want to eventually own a vehicle, don’t postpone by leasing for years at a time. If you choose to buy and begin making monthly payments, you’ll own your car before you know it.
True Freedom
Buying a vehicle offers you true independence, since you won’t have to worry about counting miles or keeping the vehicle in its original condition. You’ll feel totally in control of personalizing your Toyota, and you can even order a customized vehicle through us and choose your perfect paint color, features, wheels and more. Or, if you buy a stock model, you can modify your Toyota yourself to make it the car of your dreams. Plus, you can hop in your car and take a long road trip without worrying about mileage limits. When you buy a new vehicle, you’ll have total freedom from lenders and the ability to explore limitlessly.
If you’re ready to be the proud owner or lessee of one of our new models or are interested in learning more about your lease-end options, feel free to contact us online or visit Chuck Hutton Toyota at 4601 Hutton Way, Memphis, TN 38116. Remember, a member of our team is just a phone call away if you’d like to talk through your options instead! We look forward to serving customers from Memphis, TN, near Southaven, Whitehaven & the Goodman Road area.
Visit Consumer Reports’ page for more information on whether you should buy or lease.