For those who need a vehicle to support their lifestyle and commuting needs but don’t want the hassle of owning a car, leasing a vehicle is a great option. Public transportation is not always a viable option and vehicle ownership is expensive. Leasing a vehicle can bridge the gap between having the freedom of transportation and avoiding the expense of ownership.
Though leasing a vehicle can be a great option, there are certain myths surrounding leasing. If skepticism is preventing you from taking the next step, Beaverton Toyota can help. Read below to help distinguish common myths from the truth. Understand the difference and learn how to lease a Toyota today.
Common Myths About Leasing
Leasing a car is a great way to drive a newer car for less money, however, a common misconception is that it will end up costing more money overall with nothing to show for at the end of the lease. If this is holding you back, we have some good news. Let’s address three of the more common myths about leasing a car.
Myth 1: Leasing a Vehicle Is More Expensive
A common myth is the expense of leasing with additive fees and penalties. However, this is a misconception. Monthly payments are typically lower because they do not include the down payment associated with purchasing a car. In addition, if you lease a car through Toyota, it typically won’t include the many fees of other leasing companies. This means you’ll likely be able to avoid purchase, disposition, and turn-in fees.
When you lease a car, it’s usually a newer car that is under warranty. This will reduce the cost of service fees covered by the warranty. A car under warranty will also reduce the cost of repairs. Though the leaseholder is responsible for repairs to the vehicle, the warranty will usually cover these repairs. By the time the manufacturer warranty expires, the lease will most likely have concluded as well. Plus, any damage from an accident gets reported to the insurance company in the same manner as an owned vehicle. As a result, it’s rare that you have to pay for maintenance or repairs out of pocket.
Myth 2: You Have to Return the Vehicle at the End of the Lease
When financing a car, you are working toward eventually owning the car. There is a myth that if you lease a car and want to buy it, you still have to turn it in once the lease ends. However, if your needs change and you like the car you are leasing, you have the option of purchasing it once the lease concludes.
This means that you have more freedom and flexibility with leasing. If you like the car, you can purchase it. If car ownership is still not preferable, you can trade in for another vehicle. If your circumstances have changed and you no longer require a car, you can turn it in without leasing another. This flexibility also allows you to test out a variety of cars until you find one that best suits your needs.
Once the lease is up, the decision is yours. If you decide to purchase the vehicle, you simply pay off the residual value, which is the value of the car at the end of the lease term. If you decide to lease a different car or opt out of leasing entirely, then you have made the most of a vehicle that is depreciating.
Myth 3: You Are Limited By Leasing a Vehicle
As a consumer, you may think that you have more options with ownership. Another misconception is that leasing a car limits your options: if you are unhappy with the car, then you are trapped in a lease and cannot turn it in early. Or you are limited in the amount of mileage. However, terms are negotiable, and vehicles can be traded in prior to the end of the lease agreement.
If the car you have leased is not working out, you can trade it in for another. If ownership is now the best option, you can purchase it rather than continuing to lease. There is more flexibility within the terms than what the myths may have led you to believe.
If you are concerned that leasing a car limits the number of miles you can drive, discuss the terms before signing. Negotiate the mileage within the terms so you are confident you can comply with the amount of mileage included.
How to Lease a Toyota
After weighing your options, if you have decided leasing a car is best for your needs, choosing a Toyota will be the more viable choice for affordability and reliability. But how exactly do you lease a car?
After you have researched what you are looking for in a vehicle, set a budget and determine what kind of insurance you will need to include. Once you have a working understanding of what you’re looking for and how much you can afford, you will need to visit a dealership and see what options are available within your price range.
Once you have narrowed down these options, you will want to proceed as if you are buying the car: take it for a test drive and learn the features. You want to make sure you are choosing a car that best suits your needs for the duration of the lease agreement.
When you have selected your car, negotiate the terms of your lease. One of the myths we’ve debunked is that you don’t have options with leasing a vehicle. You can negotiate the terms as you would if purchasing a car. This could allow you to get a contract that better fits your budget and needs in categories such as mileage, cost, and interest. Once the terms have been settled, simply fill out the paperwork and wait for approval.
Now that you know the benefits of leasing, visit Beaverton Toyota today to learn what your options are. With the lowest prices clearly posted and the CLEAR purchase experience with every vehicle, we are committed to a long-term partnership with our guests and will be your trusted guide for all things automotive.