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Germain Toyota of Columbus

5711 Scarborough Blvd.
Directions Columbus, OH 43232

  • NEW SALES: (888) 711-8804
  • USED SALES: 877-690-1856
  • SERVICE & PARTS: 877-586-4446

Should I Lease or Buy?

Should I Buy or Lease a Car? (And Other FAQs)

In America, having a car is virtually mandatory, but the decision to lease or buy is all up to you. At Germain Toyota of Columbus, we'd like to help you determine which option is best based on your budget, personality, and lifestyle. Take a look at these FAQs about buying or leasing cars, and head into our Columbus dealership with your newfound knowledge to find the ideal vehicle.

What are the benefits of leasing a car?

A car lease is a great choice for anyone who values reliability and low-maintenance needs. Since new cars are covered by extensive warranties, most any repair is covered if the issue was not caused by user error or a collision. Plus, a leased car means fewer visits to the service center overall, as newer vehicles typically only require regular preventative maintenance like oil changes and tire rotations.

Leasing a car also makes it possible for you to "own" a new model every few years. Once your lease terms expire, you're free to return the vehicle and lease another, buy it outright, or walk away. And since you know the buy-out cost of the vehicle when you sign the lease contract, as well as its condition, you won't have to wonder if it's a good deal sign a purchase agreement.

Monthly leasing costs are often lower than if you were to buy a new car, too. If you own a business, a leased car can even be written off as a tax expense! Take that, IRS.

What are the benefits of buying a car?

Owning a car is as American as apple pie, and allows you to build equity like you would with a home. When you finally decide to sell that vehicle, depending on its condition and resale value, you'll likely earn back some of your initial investment. You can even use your vehicle as a trade-in at our Columbus dealership, which could even pay for your entire down payment on a new or used car.

Unlike your restrictions with a car lease, you can modify and drive your own car as much or little as you like. There are no mileage limitations except the ones given to yourself.

Financing a car also means that you'll pay less over time than if you were to lease. After your loan ends, you'll only be responsible for annual registration, insurance, and maintenance/repair costs.

Is buying or leasing a car better when you have bad credit?

If you've got a low credit score, it can sometimes be difficult to find a vehicle that fits into your budget. Buying a car typically means paying more per month, but you'll have something to sell when the loan is finished. A leased car normally has lower monthly payments, but you'll need to find another option after the lease expires. Either way, paying those monthly fees on time will boost your credit score, making it easier for you to get a vehicle later down the road.

Don't worry-our Toyota dealers understand that sometimes life throws curveballs you can't hit out of the park. That's why we make it a possibility for anyone to finance or lease a car. Just speak with our financing department to learn more about your options.

What types of financing & leasing options are available?

Too many to list! However, as a general rule, most dealerships (ours included) offer flexible terms for both options.

If you decide to lease a new Toyota, we'll help you determine the ideal term lengths, down payment amount, monthly cost, and add-on packages. Whether you lease for 12 months or 3 years, that car should be affordable for the entirety of the agreement.

Auto loans can be even more nuanced. Depending on your credit and down payment, we can secure you a car loan with as little as 0% APR! And don't forget to check out our monthly Toyota incentives for money-saving deals.

If you have any more questions, just call us at 888-711-8804 or visit our Columbus dealer at 5711 Scarborough Blvd for assistance.

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