Understanding Your Lease in Auburn, NY

Leasing is a simple to get behind the wheel of a new Toyota at just a fraction of the cost of buying the same car new. If you're considering leasing a Toyota in Auburn, New York, this is what you should know.

What is leasing?

Leasing is similar to renting, as you pay to use a car for a period of time. The price you pay is based on the value the car is projected to lose while you possess it. At the end of that period, you're expected to return the car, though you get first dibs on buying it out. So if you've fallen in love with your leased Tacoma, you don't have to give it up.

What is the benefit of leasing?

The main benefit of leasing is that it's more affordable than buying new in the short term. For example, if you lease a Toyota RAV4 for 3 years, your monthly payments could be as low as half the amount you would pay monthly for a 3-year loan. Another benefit is that the cost of maintenance is low: new cars typically need minimal maintenance and are covered by warranties.

How long does a lease last?

Most lease contracts last 2-3 years. During that time, you are expected to drive the car for a limited number of miles, usually around 12,000 miles per year. Millions of Americans drive fewer miles than that each year, which can make the limit irrelevant if you're one of those people. You can often negotiate raising that limit, but it will raise the total cost.

What is the downside of leasing?

The main downside of leasing is that at the end of the term, you don't own a car. However, you still have the option of buying the car at the end of the lease for the remainder of its value. If you'd rather drive a new and get the latest Corolla or Highlander model with all the new features every 3 years, leasing is a very convenient way of doing so.

Leasing is quick, easy, and affordable. Visit Fox Toyota in Auburn, New York, to check out our lineup of high-quality Toyota models and choose the one you'd like to drive home!


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