CALL US: 781.861.7400
Loading...
Google Logo 4.5
Sales
Service
Buy vs Lease at Lexington Toyota
Buy vs Lease

Buying vs Leasing Cars in Lexington, MA

When it comes to buying or leasing a car, the options can be confusing. To help you make an informed decision, we've laid out the details below. When you buy a new or used car, you pay for the entire cost of the vehicle. When you lease, you pay only for the portion of the vehicle's cost you use during the time you're driving it.

Contact Us
Who Owns It?
BuyingYou own the vehicle once it's paid off. If financed, the lender holds the lien until the loan is complete.
LeasingThe leasing company owns the vehicle. You pay to use it for the lease term.
Upfront Costs
BuyingUsually requires a down payment. Trade-in equity may help reduce the amount financed.
LeasingOften requires little or no down payment. Initial costs may include the first payment, fees, and taxes.
Monthly Payments
BuyingTypically higher monthly payments, since you're paying toward ownership.
LeasingUsually lower monthly payments, because you're paying only for the vehicle's depreciation during the lease term.
Future Value
BuyingYou can sell, trade, or keep the vehicle. Its value depends on condition and mileage.
LeasingYou don't build ownership. Excess wear or mileage may result in additional charges at lease-end.
End of Payments
BuyingOnce the loan is paid off, the vehicle is yours with no more monthly payments.
LeasingAt lease-end, you can return it, purchase it, or lease another vehicle.
Best For
BuyingDrivers who want long-term ownership, unlimited mileage, and equity.
LeasingDrivers who enjoy driving a new vehicle every few years with lower monthly payments.
Apply for Financing

Frequently Asked Questions

Can I return my leased vehicle at any time?
You can return your vehicle at any time. However, early termination charges may apply, which can be substantial.
With a leased car, do I have any mileage limits?
Yes. Mileage limits are calculated by dividing the number of months in the term by 12, then multiplying that by 15,000 (standard lease) or 12,000 (low mileage lease).
What are the costs at lease signing?
Your costs at lease signing could include:
  • Your first month's payment
  • An acquisition fee
  • A refundable security deposit
  • Taxes and other fees
  • A capitalized cost reduction (similar to a down payment)
Can I become the owner of my leased car?
At the end of your lease, you'll have the option to purchase your vehicle, lease another vehicle, or simply return it.