Why lease a vehicle? What are the benefits of leasing a Toyota? Scott Dunbar explains!

Why lease a vehicle? What are the benefits of leasing a Toyota? Scott Dunbar explains!


Hi I’m Scott Dunbar, the lease renewal specialist here at Ens Toyota some of the common questions I often get asked are why would I lease a vehicle versus buying one. Number one is that typically a lease payment is going to be lower monthly payment than financing because you’re not paying your tax on the full purchase price you’re only paying it on the lease payment itself there’s flexible terms anywhere from 24 to 60 month terms we have different types of leases. We do a conventional lease starting at 20,000 kilometers, we can customize that to whatever the customer’s needs are we also have what’s called a multiple security deposit lease and we’re one of the few companies, Toyota and Lexus that does that. With that we can take equity if you have a trade-in or if you want to put some money down that buys down your lease payment the amount of interest you’ll pay on your lease payment every month and then the beauty of that type of lease at the termination, that money’s still sitting there for you and you get it back. For renewing lease customers, Toyota’s always got ongoing loyalty programs. Currently this month if you’re leasing a new vehicle from us we’ll make your first payment for you or you have a half a point reduction we can offer you or up to a full 1% reduction for you, so you have three different choices that you can pick from. Then another reason to lease a lot of times people will choose the vehicle maybe with lesser equipment than they would actually like. A good example say is the rav4 the LE the next trim level up the XLE where you gain things like the fog lights the power moonroof a power seat heated steering wheel power liftgate dual zone climate control for let very little more per month on your lease payment you can upgrade to that some more vehicle for less money. When leasing there’s greater flexibility people don’t typically keep their vehicles anymore for eight or ten years you know the nice thing with the lease if you’re in they say a four-year lease and that the three-year point your needs have changed it’s easier to get you out of that we constantly see people coming into the dealership that have bought elsewhere and got into anywhere from seven to eight nine year finance programs they’re varied and negative equity we can’t get them out of those vehicles with the lease you know and things change in your life it’s a lot easier to move you out and into a new vehicle that suits your current needs you know the comments that we hear while I’m leasing a vehicle I don’t own it well you’re financing a vehicle you don’t own it till you’ve made that last payment and if you’re doing that over a five to seven-year term typically by the time you’re done paying for it it’s time to start the whole process over again. Leasing is just another way of buying a vehicle it gives you that flexibility of lower payment shorter terms, renewal bonuses, all of those things and then at termination of lease you have several different choices you’ve been leasing that vehicle for four years you love the vehicle that suits everything you needed to do you don’t want to upgrade your vehicle at that time you do have the option to buy that vehicle out and you’ll have financing through Toyota for that we can extend your warranty that’s something to look at. See if your needs have totally changed and that vehicle doesn’t work for you anymore you can return it we can move you into a new one with the loyalty programs that I mentioned earlier or if you no longer need a vehicle period you know the vehicles in the condition it needs to be in the termination, you can walk away from it all together. Another common question people I deal with either in business or self-employed or if they’re getting a vehicle allowance every month that sort of thing, a lot of times there is tax advantages for you with leasing versus owning. Typically you can write off the lease through its entirety so if you’re in a four year lease you can write that off. I always say check with your accountant to make sure everything is structured and see if that would work for you but it’s definitely something to look at. If you do have any questions regarding leasing or financing a new vehicle please don’t hesitate to contact me here at the dealership thank you

About the Author: Michael Flood

Leave a Reply

Your email address will not be published. Required fields are marked *