Benefits of Leasing

Why lease a vehicle? It’s a question many drivers near Salisbury and Huntersville ask themselves as they shop for the perfect new ride. The benefits of leasing are well worth it for many shoppers. Is it the right choice for you, though?

In this guide, our team at Cloninger Toyota will lay out all you need to know about leasing to decide. Learn whether leasing makes sense for your drives near Mooresville or Lexington!

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Benefits of Leasing: Flexibility

The main benefit of leasing a new vehicle is that it allows flexibility with your finances and permits you to adapt to your changing lifestyles or life stage.

With the potential for less money down and the opportunity of an affordable monthly payment, it frees up your money to take care of other financial priorities. In turn, leasing allows you to drive a new vehicle that you likely want within your budget.

Leasing also allows you the flexibility of turning your vehicle in at the end of your lease agreement versus trying to sell your vehicle. Customers who lease prefer to drive a new vehicle every two to three years and appreciate generally lower monthly payments. Customers who finance their vehicles tend to drive them for five to 10 years and appreciate driving without mileage limitations.

For certain business customers there may also be additional tax advantages with leasing.

Drive the Vehicle at Its Prime

There’s nothing like driving a vehicle in the prime of its life! In a lease, you contract to enjoy a new car, truck, or SUV for a specified period—typically about two to three years. You can reap the rewards of driving a vehicle with the latest and greatest in design, technology, safety, and performance.

Less Cash Up Front

One of the biggest advantages of a lease is that it does not usually require a substantial down payment. This is part of the flexibility factor mentioned above.

Lower Monthly Payment

If the finance term is the same, your monthly payments will generally be lower when leasing. Why? Your payments will be based on the vehicle's estimated depreciation over the term of the lease. That is, you are contracting to use a portion of the car's value, rather than buying the entire car.

A New Car More Often

A lease makes it easy to drive a new car more frequently and allows you to switch your tastes or preferences with changes in lifestyle or life stages.

Lower Cost of Ownership

If you are only driving a new vehicle every two to three years, your vehicle is likely to remain under warranty, reducing your cost of ownership.

Guaranteed Future Value

You don't have to worry about resale value. If your car depreciates more than the estimated residual value in your lease contract at full term, you can turn it in at the end of your lease term and drop the option to buy it.

Tax Advantage for Business Use

You may find larger tax deductions with leasing than with buying a vehicle. Check with your tax advisor.

Explore the Perks of Leasing with Us

Leasing is a uniquely exciting way to get behind the wheel of a new car. As far as the benefits of leasing, we’ve barely touched the tip of the iceberg for drivers near Salisbury and Mooresville. You can learn about the perks in more detail at our finance center.

The leasing experts at Cloninger Toyota can help you explore our current lease deals on new Toyota cars, trucks, and SUVs as well. Lease the perfect ride for your drives near Huntersville or Lexington!