Buying vs. Leasing a New Toyota in Erie, PA

Should I buy or lease?

There are many factors that contribute to determining whether a lease or purchase of a new vehicle is right for you. Both options have their benefits and the decision is based on both financial needs and lifestyle desires. Deciding whether to lease or buy your next Toyota or Scion is important and should be an informed decision. If you don't find the information you are looking for here or have more questions, please contact us.


Monthly Payments are higher than lease payments because you are paying for the entire price of the vehicle.

  Monthly payments can be lower than your payments when purchasing.

There are maintenance and upkeep responsibilities and any wear and tear can affect the resale value of your vehicle.

  Guaranteed Future Value - Resale value is not a concern.

When you have paid the full amount of the car loan you own the car.

Low or no down payment required.

Modify and add accessories to your vehicle with as you see fit.

Newer vehicle more often - your preferences may change over time and a short lease term allows you to drive the vehicle of your choice.

There is no restriction on the amount of miles you drive, although higher mileage will reduce the resale value of the vehicle.

Choice of allowable mileage per year.

GAP Insurance
When leasing your brand new Toyota, GAP (Guaranteed Auto Protection) can be purchased. This is very important and covers you from unexpected costs. If your car is totaled in an accident or stolen you can be responsible for any lapse in insurance coverage. Your insurance company will only cover what the current market value of your vehicle is. Many times when purchasing a new vehicle, because of depreciation, you owe the bank or lending institution more than the current market value of your car. When this occurs, as it does far too often, you are responsible for that extra cost.
For Example:
The insurance company determines the current market value for your vehicle is $15,000. The total amount that you owe the bank is $17,500. Without GAP insurance if your car is stolen or totaled you will be responsible for paying the bank that extra $2,500.

Gap Insurance is available with the purchase of your new Toyota but at an additional charge that can be added to your monthly payment.

What is Leasing?
Leasing is an easy and affordable way to get a brand new Toyota with little or no down payment. Monthly payments can be lower with a lease than when purchasing the vehicle. People who use their car for business, trade in their vehicles regularly (every 3 years), or want to know their monthly expenses up front typically choose to lease. There are, however, certain limitations and restrictions when leasing so be sure to make an educated decision. At Superior Toyota our sales and leasing consultants are experts that can easily determine which situation is right for you.

Considering Mileage
When leasing a vehicle it is important to have a general idea of the amount of miles you drive per year. The typical Toyota lease is 12,000 miles per year but there are different allowable mileage options. Ask your sales/leasing consultant for details.

Excess Wear & Use
You may go the extra mile to take care of your vehicle and keep it clean, but no matter how hard you try to protect your lease vehicle, things like dings, dents, and scratches happen.  Toyota offers the Excess Wear & Protection Plan through Toyota Financial Services to help waive your responsibility for qualifying excess wear and use charges at lease-end.  Ask one of our Finance managers for details about this program and what it covers.

When your lease term has expired there are a few options available to you.

Sell or Purchase the car. 
If you have fallen in love with your new Toyota you have the option to keep it. Your monthly payment will be based on predetermined value of the vehicle which was established at the beginning of your lease plus taxes and plate fees.

When you purchase a new vehicle you are paying for the entire cost plus fees and any interest decided by a lending institution based on credit history. The biggest advantage to purchasing a car is that when the loan is paid in full you own the car. For someone who usually keeps their vehicle for more than 5 years or through the life of the loan purchasing the vehicle makes the most sense.  Other benefits of purchasing include no concerns for excess wear and tear, and being able to accessorize as you choose.

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