Buy vs. Lease

There are few things more exciting than the day you finally get your own new vehicle. But of course, there are a couple of different avenues on the path to that new ride. For example, when you are shopping around at Northshore Toyota, you can choose between leasing and buying a new vehicle. So when it comes to a leasing vs buying a new car in Covington LA, there is no better place to turn for the latest and most detailed information than right here at Northshore Toyota. Let’s see if we can’t figure out which route is best for you.

It’s not very common to be able to purchase a car outright with a wad of cash or a briefcase full, depending on whether or not you are a bond villain or not. So from there you need to decide on how to finance that new car, truck, minivan, SUV or whatever it is you decide is right for you. That is where the choice between leasing and buying comes in. But how can you tell which is right for you? Well, here at Northshore Toyota, we have put together a detailed breakdown of the two, making it much easier to see which lines up with your lifestyle for drivers in Slidell, Hammond, Mandeville and beyond.

OwnershipYou are renting the vehicle until the end of the lease. It can then be bought for the remaining cost.You own the vehicle outright.
Monthly PaymentsPayments are lower as you only pay for the depreciation of the vehicle.Payments are higher because you are paying for the entire cost of the vehicle.
Vehicle ReturnReturns can only be made at the end of the lease.You are solely responsible for selling or trading in the vehicle.
MileageLimited to a certain number of miles within the lease term. Additional fees for going over the limit.You can drive as many miles as you'd like.
End of TermYou must either return the vehicle or pay the remaining cost to own it.You no longer have monthly payments and you are the owner of the vehicle.
ModificationsVehicle must be returned in like-new condition. Any modifications must be removed and may result in additional fees.You are free to modify the vehicle as you see fit.

Needless to say, there is no bigger mistake one can make when it comes to picking up a new ride than to jump into it without at least weighing one’s options. Here at Northshore Toyota, we are proud of the fact that you can turn to us for any of your automotive needs by visiting us at 68500 Hwy 190 Service Rd Covington, LA 70433 or calling us at (985) 893-7778. So now when it comes to the question of leasing vs buying a car in Covington LA, you are the wiser. Get yourself going and back on the road with expert-level confidence when you know that you have made the right choice financially here in Covington LA.