Shall I lease or buy my next vehicle? That is the question.
In this day and age, you can lease just about anything. Leasing is the ultimate “try before you buy and/or no commitment way of enjoying life’s pleasures without getting too attached. You can even lease friends these days! (Source: http://www.rentafriend.com) Unreal!
Yet there are some things that go beyond the temporary enjoyment of having something in your own possession. Sometimes you may bond with something or perhaps that something becomes obsolete and have a hard time letting go. For example, the Scion brand. (Or specifically in this author’s case, the Scion XB)
Regardless of where you stand, the ultimate question remains. Do you buy or do you lease? This is more than miles, commitment and cost. It’s a combination of those things, who you are and where you’re going. For the sake of this article, let’s consider Toyota leasing and buying based on this author’s experience.
1.) If you BUY or LEASE, especially through Toyota, you automatically get ToyotaCare. This includes 2 years or 25,000 miles of maintenance (oil changes, tire rotations, 37 point inspections) and 2 years of Roadside Assistance. The average maintenance visit could cost an estimated $50.00 on up, depending on your vehicle and where you live, before any applicable tax. So far, you’re saving on maintenance in your first two years. Not to mention you have Toyota Warranties which is 3 years/36,000 miles for Basic Warranty and 5 years/60,000 miles for Powertrain Warranty. Once again, you’re winning! :)
1.A.) If you’re leasing and adhere to the usual 3 years / 36,000 mile (lease terms may vary) you have options at the end of your lease. Do you upgrade to a new model? Do you buy or lease another model? Do you buy your current model? Or, are you OK with walking/biking/jogging everywhere? Some may forget that last option is a real one. :) With leasing, there is a possibility of a lower monthly payment, no commitment after all is said and done and a chance to drive something new. (Remember though, the vehicle has to be kept in great condition with minimal general wear and tear.) If you continue doing business with Toyota, the ToyotaCare cycle begins anew with a new lease or buy.
1.B.) If you’re planning to buy. Buying is a great option for a lot of reasons. One, the vehicle is yours. For some of you truck folks who like to haul stuff, pull stuff, push stuff and drive through stuff, this is option works well. You can define “Wear and tear” after you purchase the vehicle. Like anything else, when you buy it, it’s yours. Maintenance will cost at this point, however, if you purchased new, you know who the original owner is and how well taken care of the vehicle was. A new vehicle can last you a very long time if maintained properly. At Labadie Toyota, we’ve seen customers bring vehicles with 200,000 miles or more on them. Granted the vehicle needs were met along the way. (Tune-ups, brakes, tires, fluid flushes, etc). Like anything else, if you take care of it, it will take care of you. The buying option also gives you freedom to run the wheels off the vehicle and rack up the miles. It is your vehicle. So if you like to make a round trip from Boston to Los Angeles every week, have at it! :)
Both buying and leasing a vehicle has it’s advantages. Many places may try to sway you one way or another. As this author writes, I’ve experienced both. I’ve leased two Scion (Former Toyota brand) vehicles and purchased the second one because I loved the vehicle. The Scion XB was no longer in production and the brand was being phased out, therefore I made my purchase. During my lease experience both times, I took the vehicle on a few 600 mile long weekend trips and to work five days a week an estimate 40 miles a day. I tell you this, because many people may state that millage limitations with a lease is the issue. If you honestly calculate your estimated millage a year (unless your a traveling business person) you may not even see 10,000 miles a year.
In conclusion, the answer is simply this: do your homework. What works best for you may not work best for your neighbor. It can be a great feeling to drive something new every couple of years, just as much as it feels to have gone thousands a miles on adventures with a vehicle you call your own. There is no better option than the best option that works for you.
For more information on Leasing or Buying a brand new Toyota vehicle, call Labadie Toyota at 989-684-2222 or check us out online at: http://www.labadietoyota.com. We also have pre-owned vehicles which are inspected, tested, reconditioned and ready for the road in all makes and models. We’re here to help you go places! :)