Leasing Vs Finance – What is good for you?
Leasing Vs Finance
Confused about Leasing or Financing?
This information gives you an insight into what leasing really is. Some customers are confused about whether it would be a good option for me to lease, the answer is it all depends on what you are looking out for.
Important points on Leasing
• Cheaper than financing
Since you are not buying the car and paying for the entire price of the vehicle Leasing makes it cheaper to afford the car
• New car every few years
On average, a customer changes their vehicle in 3-4 years. They either move towards a bigger vehicle size or want to test a new hybrid or electric vehicle or a newer model in the same one they have.
• No need to worry about depreciation
When you finance your vehicle, you share the ownership of your vehicle with your bank, and after your loan term is over and you decide to sell your vehicle, you’ll have to sell it at the depreciated market value of your vehicle.
Since you are not buying the car in the lease, at the end of your lease term you do not have to worry about the depreciating value of your car. You have an option to either lease or finance a new Toyota vehicle, purchase the vehicle you previously leased or return the vehicle back to Toyota.
• Mileage
Toyota provides 16,000 km, 20,000 km, and 24,000km ANNUAL options for our customers.
So, if you opt for a 3-year term and choose 20,000km you get in total 60,000 km. If you think that should be enough then you are good or else, you can opt for the 24,000 km option.