Should I Buy or Lease My New Toyota in Albertville, AL?
Should I Buy or Lease My New Toyota in Albertville, AL?
Sand Mountain Toyota makes purchasing or leasing a new car a breeze. Not sure whether to buy or lease? Below, we’ve compiled a useful reference chart that shows the pros and cons of each financial option. On top of that, we provide an online finance application and payment calculator so you can easily get financed and estimate your monthly payments all from the comfort of home. Once you’re prepared with your budget, you can visit our finance office equipped with the necessary information to make the right decision for your lifestyle. Read more to discover whether purchasing or leasing your new vehicle is the right choice for you.
| How Do Car Loans & Leases Differ? | Loan | Lease |
|---|---|---|
| Path to Ownership | 
| 
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| Upfront Costs |
Cash price or a down payment, taxes, registration, and other fees. |
First month’s payment, refundable security deposit, acquisition fee, down payment, taxes, registration, and other fees. |
| Lower Monthly Payments |
|
|
| Customization Allowed |
|
|
| Covered Under Warranty |
|
|
| Future Value |
All vehicles depreciate, but you’ll have equity when trading or selling. |
The future value doesn’t affect you. |
| Unlimited Mileage |
|
|
| Fees for Excessive Wear and Tear |
|
|
| Fees for Early Termination |
|
|
| End of Term |
You’ll have full equity to do what you want with the car. |
Purchase the vehicle, or buy or lease another car. |
| Vehicle Return |
Sell or trade. |
Return the vehicle at lease-end and pay any applicable fees. |
Why Purchase a New Toyota?
When you buy a new Toyota, the customization possibilities are endless. You’ll pay for your Toyota over time, building equity with your monthly payments. Once you finish paying off your loan, you’ll gain complete control over your vehicle. Another plus: There are no fees or limitations on mileage once you’ve completed all of the necessary paperwork, and you’ll be covered by a limited warranty. The sky’s the limit with what you can do with your vehicle, including upgrading your audio system and exterior accessories. In the future, if you’re interested in finding a new ride, you can sell or trade in your current model for another. Trading in your car gives you the opportunity to lower costs on your next vehicle purchase. Keep in mind that your monthly payments may be higher when you buy (as opposed to leasing), but it all depends on your credit and down payment. Also, all warranties expire, which means you’ll eventually have to pay all repair and service costs out of pocket.
Why Lease a New Toyota?
The cost of new cars continues to rise, which means leasing is a more viable option for many. This is because monthly lease payments are typically lower than those you’d make when purchasing a vehicle outright. You’ll be able to drive your leased model during the early years of its life, while it’s still covered by a limited new car warranty. We also offer ToyotaCare, a complimentary maintenance plan which lasts for two years or 25,000 miles (whichever comes first).1 A lease typically ends around the time your warranty is coming to a close. After you return your model to the dealership, you’ll pay any outstanding fees, and then you’ll get to decide which model you want to lease next. Leasing differs from purchasing since there are some unique restrictions, including mileage limitations, no customizability and additional fees for any wear and tear.
Are you ready to drive a brand new reliable Toyota model? Contact us today or stop by our dealership at 9167 US Highway 431, Albertville, AL 35950. We look forward to serving our customers near Boaz, Guntersville, Scottsboro, Rainbow City and Gadsden.
*Visit Consumer Reports’ page for more information on whether you should buy or lease.
1ToyotaCare covers normal factory scheduled maintenance for two years or 25,000 miles, whichever comes first, and 24-hour Roadside Assistance is included for two years, unlimited mileage (Note: bZ4X, Mirai, Prius and Prius Prime include enhanced ToyotaCare and/or Roadside Assistance). Roadside Assistance limits towing distances and locations and does not include parts and fluids, except emergency fuel delivery for certain vehicles. Excludes rental company fleet sale vehicles. See your Toyota dealer for additional restrictions and exclusions. Valid only in the continental U.S.