Lease or Purchase

Lease or purchase? We’ve outlined the differences and advantages of each to help you select the right option.

Leasing Benefits

When you lease a new vehicle, you do not own the vehicle; your leasing company does. Throughout the term of your lease, you are paying for the use of the vehicle. As the lessee, you will be responsible for the maintenance, insurance, taxes and registration.

The primary benefit of leasing a vehicle is that you are only paying for the vehicle during the period of time that you use it. You are not paying the full price of the vehicle. This means:

• Your payment may be less than if you had purchased the vehicle.
• You do not have to be concerned with the future value of the vehicle (what the vehicle is worth at the end of the lease).

At the end of the lease, you have several options:

• Buy or lease a new Toyota or Scion - you may choose to either turn in your current leased vehicle, or subject to certain conditions, use it as a trade-in toward the purchase of a new Toyota or Scion.
• Purchase your current vehicle - if you wish to continue driving the vehicle you are currently leasing, Southeast Toyota Finance has several purchase and financing options available to assist you.
• Allow a friend or family member to purchase your vehicle - rather than turning your vehicle in, you can allow a friend or family member to purchase the vehicle you are currently leasing.

Purchasing Benefits

When you choose to finance the purchase of your new vehicle, you own the vehicle. At the end of the financing period, it is fully paid for and yours to keep. Also, when you purchase a vehicle, there are no obligations for excess mileage and/or wear and use.

Whether you are leasing or purchasing, we recommend that you have your vehicle serviced regularly.