Choosing Financing Vs Leasing in Mobile, AL
Choosing between leasing for financing your next vehicle takes a great deal of thought and consideration. Palmer’s Toyota Superstore in Mobile, Alabama wants to help you find the vehicle that is perfect for you with the lease or financing option that best fits your needs. Our sales experts are available to answer any questions you may have about your available options.
Leasing enables customers to trade up often, meaning they can get the latest in advances safety and technology features. It also generally allows customers to pay less each month than they would to purchase the same car. When buying a car, you are responsible for the entire purchase price. Leasing customers pay the difference in price that they negotiate and the car’s expected value at the end of the lease, essentially paying for the depreciation that occurs during the term of the lease agreement.
Benefits of Leasing:
- Lower monthly payments
- No need to worry about selling your trade-in
- Car remains covered under warranty
- Smaller downpayment
- Always have the latest technology
Cons of Leasing:
- Mileage restrictions
- Excess wear fees
- No equity
- Requires excellent credit
- GAP insurance
By comparison, buying a vehicle offers its own benefits and pitfalls. While buyers either have to pay in cash, apply the value of their trade-in, or finance the cost and interest on a car loan, buying a vehicle also allows you a variety of freedoms not available with a leasing agreement. Purchasing a vehicle allows buyers to travel without worrying about mileage limitations or wear and tear charges. Customers who choose to purchase are also able to customize their vehicle at will or sell the car at any time without contract violations.
For more information about the advantages of purchasing or leasing your next vehicle, come by Palmer’s Toyota Superstore at 470 Schillinger Rd S, Mobile, AL 36695 or call us at (251) 639-0800. You can also browse our inventory online anytime or come in for a test drive. Our sales hours are Monday-Friday 8:30 AM-8:30 PM, Saturdays 8:30 AM-7 PM, and Sundays 12 PM-6 PM.