You’re interested in shopping for a new or used car but not sure whether to buy or lease. It’s a common dilemma. Both options come with benefits. That’s why when deciding between the two, it all comes down to your personal needs.

So what are the differences between buying and leasing a car? Let’s find out.

Should You Lease or Finance Your Next Car?

Leasing

Maybe you don’t have the budget for a large down payment. Perhaps you’re not ready to make substantial monthly payments. Either way, leasing might be the better option for you. Lease agreements often don’t require a down payment at all, and the monthly payments are relatively affordable.

Another benefit of leasing is that you can drive a brand-new car year after year. You might not own the vehicle yourself, but leasing allows you to drive the newest models with the most advanced technologies, safety systems, and more.

For car shoppers searching for a reliable vehicle they can drive for miles on end, leasing probably isn’t the best option. Lease contracts always integrate a mileage restriction, usually ranging from 10,000 to 15,000 miles per year. If you surpass the mileage cap, you can find yourself paying for every additional mile. But if you need a quality vehicle for commuting to work, driving around town, and taking the occasional vacation, leasing is a great option.

Financing

Whether you’re more interested in new or used vehicles, buying a car is an exciting and significant financial commitment. You can either pay for the car in its entirety up-front or take out a car loan through your local bank and finance a monthly payment plan. These payments often cost more than lease payments, but after you’ve paid the car off, it’s yours for good — with the added ability to sell it in the future.

Unlike with leasing, you can drive your car as often as you want without mileage restrictions. You can also customize your purchased car to match your style, whether you opt for a more advanced stereo system or place a few bumper stickers on the back.

Lease or Finance Your New Car in Sylacauga, AL

Looking for Toyota cars for sale in Sylacauga, Alabama? Stop by Vaden Toyota of Sylacauga today to browse our wide selection of new and certified pre-owned models. Call (256) 245-5252 to learn more about our Toyota lease deals or visit our dealership.