The Benefits Of Leasing a Car
Quite a few people are interested in a car lease. However, many people are put off because they aren’t as familiar with leases as they are with getting a loan. Financing a vehicle is more common than leasing. Nearly everyone has experience with financing a car. Many people have never leased a car, so they aren’t familiar with how the benefits weigh up to financing a vehicle. Both leasing and financing have certain benefits, but leasing may actually be the better option for most drivers. The benefits of leasing a vehicle include lower up-front costs, decreased monthly payments and a shorter commitment to keeping the car. Business owners who use a leased car for work may even qualify for tax benefits. To learn more about the benefits of leasing a car, keep on reading.
If you’re interested in a Toyota lease, Toyota of Tampa Bay has got you covered. Visit our Tampa location today.
Leasing Means Decreased Upfront Costs
Many people are initially drawn to the option of leasing due to the lower upfront costs. In general, leases do not require the sort of large down payment that financing a car often requires. In fact, drivers with enough income and a solid credit score may not have to make any down payment on a lease. Additionally, you won’t have to pay sales tax upfront on a lease. This can result in thousands of dollars more in your bank account, depending on the local sales tax and on your chosen vehicle.
If you’re looking for a car lease, Tampa area dealer Toyota of Tampa Bay can find you the right deal.
Leasing Reduces Monthly Payments
You probably already know that opting for a lease instead of financing a car will result in lower monthly payments. As with the amount you can save on a down payment, the amount you can save per month varies widely. The most important factors are the price of the car, the length of the lease and your credit. As a general rule, drivers can expect to save about 25% per month with lease payments instead of loan payments.
If you’re interested in getting a new Toyota, visit Toyota of Tampa Bay today. Our finance professionals will help you find the right lease deal.
Avoiding Depreciation by Leasing
Depreciation can be a real bummer when you buy a car. If you get a new car, the value could drop up to 30% as soon as you register it in your name. This is because what was a brand-new vehicle legally becomes a used vehicle as soon as its registered. The depreciation continues as the vehicle gets older and you put more miles on it. In 3 years, it may lose 50% or more of its value. This could easily lead to you owing more on your car loan than your car is actually worth. You never have to worry about this with a leased vehicle. That’s because a lease is basically a long-term rental. The vehicle is technically not your personal asset, so it’s not your problem if it declines in value.
If you want to learn more about the best lease deals, Tampa area dealer Toyota of Tampa Bay has got you covered. Meet with our friendly and knowledgeable finance professionals today.
Not Having To Commit To One Car For 5 Years Or More
Another benefit of leasing a vehicle that draws in many drivers is the shorter commitment. Lease terms usually cover 36 months. However, leases of 24 months are not uncommon. Financing terms, on the other hand, are usually much longer. The most common length is 60 months. That’s 5 long years. There’s a good chance that you’ll be interested in getting a new car before then, but you’re out of luck unless you can come up with a way to pay off your loan early.
If you’re in Brandon, Wesley Chapel or elsewhere in the Tampa area and you want to be able to get a new car every couple of years, lease a Toyota at Toyota of Tampa Bay.
Business Owners May Qualify For Tax Benefits
If you lease a vehicle and use it for business, you may be able to get certain tax benefits. The U.S. tax code changes year to year, so you should consult a tax professional if you’re interested in these benefits. You may be able to save a significant amount of money.
Visit Toyota of Tampa Bay today and browse the inventory of new Toyota models that you can lease, contact us or give us a call at (813) 933-6402 for more information.