Should I Lease or Buy My New Lexus Vehicle?
When in the market for a new Lexus, we often wonder which is the best option. Below, Lexus Of Thousand Oaks has prepared a comprehensive look at the benefits of leasing or buying your new Lexus.
Benefits of Leasing A New Lexus
- If you like to drive a new model and are thinking of trading in your vehicle for a new one every two to three years, leasing is a great option for you.
- Lease payments are typically lower than if you were to finance the same car.1
- Lease programs typically require a minimal investment up front, such as your first payment + tax, DMV fees and dealer documentation fee. This might be good fit for you, if you don't have the cash on hand to make a large down payment as it's typical in a installment loan1.
- Leased cars are typically covered under the manufacturer's warranty for the duration of the lease. Lexus' standard warranty is 4 years or 50,000 miles, whichever occurs first.
Maintenance is minimal with a leased vehicle (the average lease term is 36 months), and, at times, only oil changes will be needed2.
- Leases are great if you want your vehicle to have the newest technology. Since you are always driving a car that's only a couple of years old, you can rest assured that whatever model you lease, it will have the latest hi-tech options1.
- Your worries about excess wear and tear charges at the end of the lease are a thing of the past with an optional Lexus Wear and Use Protection Plan.
- Mileage is a HUGE concern when it comes to leasing a Lexus, but you can factor in custom mileage ranging from 7,500 to 30,000 per year3.
- At the end of your lease, you have options...3 of them! Click here to visit our Lease Return Center for more information.
- In case of an accident and your vehicle is declared a total loss, the primary auto insurance settlement can be substantially less than the balance still owed on your lease contract5. Most lease contracts (includes Lexus Financial Services) offer complimentary GAP coverage (Guaranteed Auto Protection) and will waive or pay the deficiency balance (minus certain fees and charges) between the amount still due on your lease contract and your auto insurance settlement.
BENEFITS OF BUYING OR FINANCING A NEW LEXUS
- If you like to keep your vehicle for as long as possible, then buying a vehicle is a great option for you.
- While payments are typically higher when financing6, a car rather than leasing6, but every time you make a payment you are reducing the principal on your loan and, eventually, you'll own your vehicle outright and be free of payments.
- You have the freedom to sell or trade in your vehicle at any time...bear in mind that you may still have a balance on your installment loan and it will need to be paid off. Lexus Of Thousand Oaks is always in the market for pre-owned vehicles, especially Lexus models! We will gladly take your vehicle in on trade and apply any equity towards the lease6, purchase or finance6 of one of our new Lexus Models.
- Once you've made all due payments on your installment loan and you will own your vehicle outright. There is no need to worry about the condition of your vehicle or how many miles it has. With Leasing, there are yearly mileage restrictions, possible excess wear and use charges and there may be a termination or disposition fee.
- As the vehicle gets older, recommended service intervals can increase in price depending on the type of service is needed. Our Lexus PrePaid Maintenance Plans7 offer peace of mind with plans ranging from 2 years or 20,000 miles to 5 years or 90,000 miles (whichever occurs first). Contact our Financial Services Department for more details and pricing.
- Since you may be keeping your Lexus for a while, you may be worried about coverage after the factory warranty expires. At the time you purchase or finance your new Lexus, you have the option of purchasing one of the available Vehicle Service Agreements that will best suit your needs.
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