Buying vs. Leasing A Toyota in North Dartmouth, MA
Buying vs. Leasing a Toyota in North Dartmouth, MA
North Dartmouth drivers need to understand the differences between buying and leasing to make an informed Toyota purchasing decision that makes the most sense for your finances, lifestyle, driving routine, and personal preferences in the SouthCoast Massachusetts area.
The following compares the pros and cons of buying and leasing a Toyota in North Dartmouth, the economics of each, and why local Massachusetts drivers might choose to finance one way or another.
BUYING A TOYOTA IN NORTH DARTMOUTH
Who Owns It
You can buy a Toyota with cash or finance it and make monthly payments at our North Dartmouth Toyota dealership. Either way, it's yours.
If you finance a Toyota vehicle in North Dartmouth, you'll have to meet the obligations required by the lender, like a certain down payment amount and timely monthly payments. If you don't, they have the right to repossess the vehicle.
Most North Dartmouth area drivers don't have the cash to pay the full price of a Toyota upfront, so most people choose to finance through our dealership, local Massachusetts banks, credit unions, or private lenders to cover the vehicle's value, plus interest, over a period both parties agree on, typically three to six years.
Lenders will look at your income, your credit score, and the cost of the Toyota to determine the terms and interest rates on your auto loan. After negotiating and signing some paperwork at our North Dartmouth location, the Toyota is yours to do as you please.
Upfront Costs for North Dartmouth Toyota Buyers
If you're financing a Toyota in North Dartmouth, the bank will probably request a down payment as a form of security. Your down payment should range between 10% and 20% of the Toyota's MSRP to secure your car purchase. This also reduces the cost of your monthly payment.
You can also trade in another vehicle at our North Dartmouth Toyota dealership and use any equity toward your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.
Future Value of Your Toyota
New Toyotas depreciate over time, though Toyota vehicles typically hold their value better than many other brands. In fact, within the first year of ownership, a vehicle will lose nearly 20% of its value, according to Trusted Choice Insurance. The amount a Toyota depreciates varies depending on its market value, make, model, and even the year it was manufactured.
Despite depreciation, buying a Toyota in North Dartmouth is a great way to build equity, as long as your payments outpace the rate that its value decreases. You can use this equity to pay for your next Toyota when you're ready to upgrade at our SouthCoast Massachusetts dealership.
Your Toyota will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance at our North Dartmouth Toyota service center!)
End of Payments
Once you've paid off what you owe on your Toyota contract, that's it. Your vehicle is 100% yours. The lending institution will send you a lien release as proof that the Toyota is paid off and all yours.
LEASING A TOYOTA IN NORTH DARTMOUTH, MA
Who Owns It
You don't own the Toyota when you lease from our North Dartmouth dealership. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a Toyota lease than if you were to buy the car.
Leasing also protects North Dartmouth drivers from unexpected drops in value from unexpected circumstances. For example, if the Toyota you lease depreciates due to a recall, this won't affect you the way it would if you purchased a vehicle.
Upfront Costs for Toyota Leases in North Dartmouth
Toyota leases at our North Dartmouth dealership often don't require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee, and other fees and Massachusetts taxes. But, as with a purchase, if you want to lower your monthly Toyota lease payments, you can always pay more upfront.
Future Value
In most Toyota leases in North Dartmouth, you don't end up owning a vehicle. Therefore, you won't be responsible for selling it. That's the financial institution's job. However, you may have mileage limits-typically between 12,000 and 15,000 miles per year-and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your Toyota back in at our North Dartmouth location.
Most Toyota lease terms range between two and three years, which may be attractive to SouthCoast Massachusetts drivers who like to drive a new car every few years. Leasing could also allow you to drive more Toyota for less money, especially if you can only afford to buy a car at a lower market value.
End of Toyota Lease Payments
Most North Dartmouth customers return the Toyota at the end of the lease term to our dealership, but some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure that you have your Toyota lease set up the way you want it.
Best Toyota Models to Lease in North Dartmouth
The best Toyotas to lease are those with the best book value after the term of the lease. Since Toyota vehicles depreciate less than many competitors, you pay less. Review the lease ratings to see which Toyota models retain their value best for North Dartmouth area drivers.
Buying vs. Leasing a Toyota in North Dartmouth: Which Is Right for Me?
Shopping for a new Toyota in North Dartmouth, Massachusetts is always exciting, but it can be difficult to choose between buying and leasing a vehicle. If you're on the fence over buying or leasing, talk to our North Dartmouth Toyota dealership to discuss your options. We'll go over each option and help you find a form of payment that makes the most sense for your financial situation.
The finance center at our North Dartmouth Toyota dealership offers a variety of leasing and financing options for the new Toyota and certified pre-owned vehicles in our inventory. If you're ready to lease or buy your next Toyota in the SouthCoast Massachusetts area, contact us online or visit our North Dartmouth location today.