Buying vs Leasing a Car at Toyota of Colorado Springs

Buying vs. Leasing a New Car:  
Which is the Best Choice for You?

There is no easy answer to this question. You'll have some folks that say, "Leasing a car is for suckers" and others who swear by the practice. The true answer is:  it depends on you and what you want out of your new car. Below is a comparison of buying versus leasing a new Toyota for buyers here in Colorado Springs.

Auto Financing
Buying and leasing are just two different types of auto financing to achieve the same thing: getting the customer a new car.  One is used to finance the purchase of the vehicle - meaning the customer has ownership and the other is used to finance the use of the vehicle over a period of time.  

No option is better than the other but each option will fit your needs in different ways. When you look beyond the financial comparisons of buying and leasing you'll see a whole list of questions about your priorities:

  • Do you find comfort in knowing that for 2-3 years you won't be responsible for paying for major repairs due to components breaking down?  If so, then leasing may be right for you.
  • Do you like to drive your car for 5-10 years so you get maximum value for your purchase?  If so, then buying may be right for you.
  • In a typical year, do you drive 15,000 miles or more?  Do your friends call you a "Road Warrior"?  Road Warriors are typically better off buying rather than leasing.
  • Are you part of the military and anticipate being sent overseas in the next 2 years for a long-term deployment?  If that's the case then leasing may be your best option.
  • Finally - from a financial perspective, do you need the lowest payments possible at this point in your life? Leasing typically offers lower monthly payments when compared to buying.
What happens when my payments are over?
When you buy a car, you own it without a lien after you've completed all of your payments.  You can do with the car what you wish at that point without fear of having to make more payments.  When your lease term is up you typically have five options:
  1. Buy it and keep the vehicle
  2. Buy it and sell the vehicle at a profit (assuming the market value is above the residual value)
  3. Buy the vehicle and then trade it in for another vehicle, either new or used (again assuming the market value is above the residual value)
  4. Extend the lease and continue to drive it
  5. Return the vehicle to the dealer with no resale or trade-in hassles and then make the decision if you want to buy or lease a new car.
Which option is best for you? The team at Corwin Toyota in Colorado Springs (just off of Woodmen near Powers) is happy to discuss the options with you and we'll give you our professional opinion if you're not sure. 
**The final price includes a $699 Dealer Handling Fee. Actual vehicle price and payments may vary for various reasons, including but not limited to, applicable manufacturer rebates, special limited time offers, dealer incentives, taxes, fees, buyer's credit qualifications, and parts or accessories installed by dealer. Listed price for the vehicle does not include sales tax, finance charges, cost of emissions test, governmental fees or taxes, tags, title, registration and transportation costs, incurred after sale, to deliver the vehicle to the purchaser at the purchaser's request. Sales prices do not include college grad or military rebates. All prices, specifications and availability subject to change without notice. Contact dealer for most current information. Actual vehicle price and payments may vary for various reasons, including but not limited to, applicable manufacturer rebates, special limited time offers, dealer incentives, taxes, fees, and buyer's credit qualifications. Listed price for the vehicle does not include government fees, taxes, title fees, licensing fees, any dealer documentation fees, any emission, inspection or other testing fees. All prices, specifications and availability subject to change without notice. Contact dealer for most current information. Although every reasonable effort has been made to ensure the accuracy of the information contained on our website, absolute accuracy cannot be guaranteed. This site, and all information and materials appearing on it, are presented to the user 'as is' without warranty of any kind, either express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose, title or non-infringement. All vehicles are subject to prior sale. Not responsible for typographical errors. The monthly payments and payment terms are ESTIMATES AND EXAMPLES ONLY. Monthly payments and terms are based on approved credit and NOT ALL CUSTOMERS WILL QUALIFY FOR THE RATES OR TERMS INDICATED. Payment estimates are based on featured price for a vehicle and ACTUAL PRICE AND PAYMENTS MAY BE DIFFERENT due to applicable rebates, cash down payments, trade-in allowances, financing rates and terms, specials, taxes, fees and buyer's credit qualifications.

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Corwin Toyota Colorado Springs

5115 New Car Drive
Directions Colorado Springs, CO 80923

  • Sales: 719-419-5832
  • Service: 719-419-5832
  • Parts: 719-419-5832

Hours

  • Monday 8:00AM - 8:00PM
  • Tuesday 8:00AM - 8:00PM
  • Wednesday 8:00AM - 8:00PM
  • Thursday 8:00AM - 8:00PM
  • Friday 8:00AM - 8:00PM
  • Saturday 9:00AM - 7:00PM
  • Sunday Buy Online 24/7