Should I Buy or Lease

woman typing on calculator

The decision to get a new vehicle in St. Augustine engenders a lot of other decisions, specifically concerning the best way to spend the money you have. Many drivers ask, “Should I buy or lease,” wanting to know about the many factors at play and the benefits of both options. Beaver Toyota St. Augustine is here to help with this guide on the commitment to lease vs. buying all around the Jacksonville area.

Benefits of Leasing

  • Approval Rate: The option of leasing works well for a broad range of credit scores, and leasing might be the best option if you can’t get a great deal on a car loan. 
  • Smaller Payments: Buying a vehicle requires a lot more money upfront and monthly. 
  • Lower Sales Tax: When you lease a vehicle in most states, the sales tax is substantially lower. In select cases, you may only have to pay taxes on the down payment and monthly payments. 
  • Simpler Trade-Ins: The process of valuing your trade is much smoother when you return your leased vehicle to the dealership that owns it; you can pay remaining fees and drive away in a new lease relatively simply. 
  • Warranty Coverage: Leased vehicles, so long as you don’t exceed the agreed-upon miles on your contract, tend to have almost everything covered.
  • Get new, nice vehicles: Because of all the aforementioned money-saving factors, your options are much broader when you lease a vehicle. If you want to hit Palm Coast roads with the latest tech and safety features car companies have to offer, consider leasing.

Benefits of Buying 

  • Ownership: We’d be remiss to mention the most straightforward benefit of owning a vehicle: it’s yours to modify as you see fit, for as long as you want it. 
  • As many miles as you want: If you want a vehicle for road trips outside Palatka, buying would make a lot more sense. Leased vehicles can only get you so far. 
  • Selling: Your vehicle doesn’t need to be traded-in or returned to the dealership – it’s yours to liquidate if you see fit. 
  • Financing and Refinancing: A dealership with a dedicated finance center helps make the process of buying a vehicle a lot less intimidating than you’d think, and imperfect credit can still go a long way. And, unlike the monthly payments on a lease, refinancing loans is a popular process to lower your payments. 
  • Less Money Over Time: You will be spending more upfront when you buy a car, but one of the most common answers to the question, “should I buy or lease,” notes the fact that, in the end, ownership is less expensive over time. 

Test Drive a New Vehicle at Beaver Toyota St. Augustine

Those wanting to improve their St. Augustine commute with a new vehicle can drop by Beaver Toyota St. Augustine today and talk to our experts about their many options. Contact us if you want to learn about what kind of car you can call your own, how you can lease to get ahold the advanced tech on a new Toyota, as well as additional lease vs. buying tips.

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