Deal of the Day

Buy vs Lease: Which is Right for You?

Well, the most difficult part of the car shopping experience is over: You've selected the perfect model. Now all that's left for Danvers, Peabody, and Salem drivers is financing. But wait-which option is right for you, buying or leasing?

In a head-to-head matchup of buy vs. lease, there's plenty of pros and cons that drivers need to be aware of. And the Ira Toyota of Danvers team is here to help you parse through them.

Toyota Lease Deals

Toyota Highlander Lease

How do I lease a car?

Buy vs Lease Comparison

Buying a Car

Leasing a Car

Upfront Cost

Sizeable down payment Less money upfront

Monthly Payments

Higher monthly payment Lower monthly payment

Trade-In

Trade-in value applied to next car No trade-in available

Equity

Negative equity if you sell your car before it's paid off No potential for negative equity

Warranty

After warranty expires, owner is responsible for maintenance Maintenance is usually covered under warranty

Mileage

No limit on mileage Limited mileage according to leasing terms

Buying vs Leasing Pros & Cons

Despite the many differences between these financing options, both can be highly beneficial. It all depends on your lifestyle. Here are the points you'll have to take into consideration when choosing.

Leasing Pros & Cons

  • Pro: A lease is less expensive.
    The main difference between buying and leasing is the payments. See, when you buy, you're paying the full MSRP of the vehicle. When you're leasing, however, you're just paying the value of the depreciation that occurs while in your possession. Ultimately, that means that monthly payments are going to be substantially lower.

There's also fewer up-front costs with a lease. Without a down payment and with little to no sales tax, you won't have to shell out as much on purchase day.

  • Con: The car comes with limitations.

Since you don't technically own your lease, there are limits that come with it. You can only put a pre-determined number of miles on the car, you can't incur too much wear and tear, and you aren't allowed to add in any additional parts or accessories.

If you violate any of these terms over the course of your lease, you're going to have to pay a penalty to make up for it.

  • Pro: You'll have a new car every few years.
    One of the nicest things about jumping from lease to lease is that you always end up driving something relatively new. The typical lease term is two or three years, so by the time the gadgets in the car start to become outdated, you'll be ready to trade in for a new model.

How Do I Lease a Car?

Buying Pros & Cons

  • Pro: You can customize the car to your heart's content.
    True ownership means that you can do what you wish with the car. Repaint it, tint the windows, add in a new stereo-whatever you desire! These upgrades may alter the value of the car, but if you plan on driving it for years to come, what's the difference?
  • Con: Selling or trading is a lengthier process.
    When leasing, trading in for a new model is as easy as pie. You could be in and out of the dealership with a new car in an hour. However, when you buy, the process is definitely going to be lengthier.

Despite this drawback, however, there is a built in positive here too: you can make some cash off a private sale or trade-in.

  • Pro: Eventually, the payments will end.

Another huge buying advantage is that eventually, the payments are going to stop. Once you have the car all paid off, you could potentially drive it for years without having to worry about a bill. That's a huge relief!

Toyota Lease Deals Danvers MA

Sit Down with Our Finance Department Today

When it comes to buying and leasing, the right choice depends on the driver. For some, the pros of buying may outweigh the pros of leasing, or vice-versa. It's all up to you.

Do you need financing assistance in the Danvers, Peabody, or Salem areas? Then you'll want to sit down with the Ira Toyota of Danvers finance team. Contact us today for more information!

2019 Camry

Offer 1 of 2
$229/month Lease Offer Get This Deal

2019 Toyota Camry 2.5L 4-Cyl SE 8-speed Automatic FWD (2546)

$229/month for 36 months with $2,999 due at signing. Adding options increases payment. Security Deposit is waived unless otherwise noted. Advertised price excludes tax, tag, registration, title, and dealer fee. This offer may not apply to this vehicle. On approved credit.
Expires December 3, 2018

Dealer Doc Fee: $495
Show Details

2019 Camry

Offer 2 of 2
$219/month Lease Offer Get This Deal

2019 Toyota Camry 2.5L 4-Cyl LE 8-speed Automatic FWD (2532)

$219/month for 36 months with $2,999 due at signing. Adding options increases payment. Security Deposit is waived unless otherwise noted. Advertised price excludes tax, tag, registration, title, and dealer fee. This offer may not apply to this vehicle. On approved credit.
Expires December 3, 2018

Dealer Doc Fee: $495
Show Details

2019 Corolla

Offer 1 of 1
$129/month Lease Offer Get This Deal

2019 Toyota Corolla LE Continuously Variable FWD (1852)

$129/month for 36 months with $1,995 due at signing. This offer may not apply to this vehicle. On approved credit.

Disclaimer: VIN KC181216. Model #1852. MSRP $20,299. Lease for 36 months, 36,000 miles per lease term. $1995 down. $0 security deposit. $129 first payment, $495 doc fee, $650 acquisition fee, registration, tax, title, and state inspection due at signing. Residual $10,150. Based on approved Tier 1+ credit through Toyota Financial Services. See dealer for details. Ends 11/30/18.

Dealer Doc Fee: $495
Show Details

2018 RAV4

Offer 1 of 1
$139/month Lease Offer Get This Deal

2018 Toyota RAV4 LE 6-speed Automatic AWD (4432)

$139/month for 36 months with $1,999 due at signing. This offer may not apply to this vehicle. On approved credit.

Disclaimer: VIN JW848680. Model #4432. MSRP $27,419. Lease for 36 months, 36,000 miles per lease term. $1999 down. $0 security deposit. $139 first payment, $495 doc fee, $650 acquisition fee, registration, tax, title, and state inspection due at signing. Residual $14,258. Based on approved Tier 1+ credit through Toyota Financial Services. See dealer for details. Ends 11/30/18.

Dealer Doc Fee: $495
Show Details

Sales

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Friday 9:00AM - 7:00PM
Saturday 9:00AM - 7:00PM
Sunday 11:00AM - 5:00PM

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Monday - Thursday 6:00AM - 7:00PM
Friday 6:00AM - 5:30PM
Saturday 6:00AM - 5:30PM
Sunday Closed

Parts

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Friday 7:30AM - 5:30PM
Saturday 6:00AM - 5:30PM
Sunday Closed

Ira Rental Department

105 Andover Street,
Danvers, MA 01923
(inside the Ira Collision Center)

Monday - Friday 7:00AM - 7:00PM
Saturday 8:00AM - 4:00PM
Sunday Closed

Ira Collision Center of Danvers

105 Andover Street,
Danvers, MA 01923

Monday - Friday 7:30AM - 6:00PM
Saturday 8:00AM - 1:00PM
Sunday Closed
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