Toyota Lease Trade-In and Lease End Process

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Lease-End Options | Leasing A Car At Jim Norton Toyota In Tulsa, OK

There are many opinions and viewpoints when discussing the pros and cons of buying versus leasing. One thing is for certain, though: under certain circumstances, leasing can make a lot of sense for some drivers. Here, we'll explore the many benefits that come with leasing a new car, including cost, flexibility and more.

The team at Jim Norton Toyota is here to help drivers in the Tulsa area decide whether it is better for them to lease or buy their next car here. We hope you'll have a better sense of which option makes more sense for your preferences, budget and current situation after reading this article.

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Pros Of Leasing A Car

When you lease a car, depending on your lease term, you only pay for the use of the vehicle for two or three years. Since you won't pay for the car's entire value, your total cost will be much lower than it would with buying, which also means a much lower sales tax!

A lower overall cost also means lower monthly payments, which should certainly help you stay within your budget. Leasing often allows you to drive a better or pricier car than you could afford after figuring in the monthly payments to buy it. Plus, leases often require a lower down payment than buying - or no down payment at all.

When you lease a car, you only pay for the use of the vehicle for two or three years, depending on your lease term. Since you won't pay for the car's entire value, your total cost will be much lower than with buying. Since the total lease cost is less than buying, the amount of sales tax you pay with a lease is also less!

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Many motorists love the peace of mind that comes with leasing a new vehicle every three years, because leasing a new or nearly new car typically translates to much lower repair costs, since the vehicle's factory bumper-to-bumper and powertrain limited warranties are still intact.

Flexibility is key in life, and leasing gives you that flexibility to change course with your car, truck or SUV every two or three years. With a lease, you can more easily transition from one vehicle to the next without having to deal with negotiating a sale or a trade-in. At the end of the lease term, you simply return the car and select your next vehicle. Or, you can choose to buy out your lease by paying for the remaining value of the vehicle so that you own the car outright.

Cons Of Buying A Car

Now, let's look at some of the disadvantages of buying a new vehicle. One of the key cons of buying a new car is depreciation. Vehicles experience their steepest depreciation in the first three years of ownership, which means your car will lose significant value over the time you could have leased.

Buying a new car costs you more than leasing it, which means higher monthly payments and more money tied up in a depreciating product. Since you are paying for a new car's full value, you may not be able to afford to drive your ideal vehicle, which may have been possible had you leased.

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Expect to pay a higher down payment when buying, to avoid being upside down on your loan -- or owing more than the vehicle is worth. If you don't have a lot of money to provide upfront, leasing may be the better option for you.

When you buy a car, you're ultimately responsible for the costs of maintaining and repairing it out of warranty, as well as selling it when it's time to move on to your next vehicle. Many drivers enjoy the hassle-free nature of leasing over buying for these reasons and more.

Should You Lease Your Next Toyota?

Now that we've covered the benefits that can come with leasing, should you lease a car? Well, that depends on your unique situation, lifestyle, preferences and budget. Still, many motorists appreciate the lower costs and greater flexibility and peace of mind that come with a new car lease.

Jim Norton Toyota invites Broken Arrow, OK, area car shoppers to consider the current lease offers and incentives available on the latest Toyota cars, trucks, SUVs and crossovers at our Tulsa dealership. We've made our lease specials available online, so you can get an idea of what your monthly payment may be should you choose to lease over buying or financing.

Don't wait to explore our complete inventory of new Toyota vehicles for sale near Sapulpa, OK, via our website. Our Toyota sales specialists are standing by to assist you in your new car search and with any questions you may have about the lease process!