Your options are pretty straightforward at a Toyota dealership: you can buy a car or lease one. The latter is certainly an attractive option for those who prefer to drive a new car every three years or so. However, at the end of the lease period, you have the option of buying the leased vehicle. Should you purchase the car under lease or return it to the dealership and lease another vehicle? We’ll list the scenarios in which buying may be the better option.
You may want to consider buying if you exceeded the allotted mileage. A typical lease has a 36,000-mile limit. Going over will incur a penalty fee. Buying the car will not only nullify this fee, but it will also save you the cost in disposition fee. This is the fee to prepare the car for resale.
You may also want to buy if the leased car incurred quite an amount of cosmetic damages, including dents, paint scratches, and stains in the upholstery. You’ll get dinged for these blemishes. Buying saves you the cost in repairing those damages.
We also recommend comparing the buyout price to the value of the car according to Kelley Blue Book. If the buyout cost is below or near the KBB value, then it’s a good deal. Keep in mind, however, that if you decide to buy your leased car, a bumper-to-bumper warranty will not be included.
Visit Edmunds for more advice on buying a leased car.
Visit Toyota Chula Vista to check out models like the 2017 Toyota Sienna and the rest of the lineup. We offer both buying and leasing specials. Speak with our Toyota Leasing department near Lemon Grove, CA, if you’re interested in buying a car currently under lease.