Car buying is an exciting time for individuals who have been looking forward to their purchase. But the age old adage continues. Should you buy or lease your car, truck, or SUV? The answer, really is a little more complex. It depends upon the individual purchasing or leasing the vehicle. There are many things to consider when you are looking at your new Toyota truck, car, or SUV. Here are some things to contemplate when you head into the Toyota dealership.

Questions to consider when you are thinking about a lease or purchase? How many miles do you drive in any given year? Do you travel for work? How much can you put down on your new Toyota? How long do you typically keep your vehicle? Are you on a tight budget? How is your credit rating? Do you maintain your vehicle well? Do you have a trade in or cash?

Here are some advantages to leasing:

• Monthly payments are lower
• You can get a new car every three years
• Sometimes your maintenance will be included
• It is easier to lease without a down payment
• You can get more car for your money
• Many leases include free GAP coverage

Disadvantages to Leasing:

• If you terminate your lease early, you will have extra fees
• Little to no ownership equity
• Excessive mileage charges
• Excessive wear and tear charges
• Possible higher insurance costs
• Higher credit requirement

If you are considering leasing versus buying, there are some calculators out there that can help you make an informed decision. Do your homework and make sure you make a buying decision on your new Toyota that best fits your needs. For instance, since I am able to work from home, I drive less than 1000 miles per month, so I chose to lease because of the low payment and new car trade-in every 3 years, while my significant other chose to purchase because he drives for a living and travels about 3000 miles per month. Know before you go, or contact your local Toyota Dealership.