2014 Corolla Buy or Lease in Warrenton

March 27th, 2014 by

2014_Toyota_Corolla_L_buy-or-leaseSo you’ve seen that sleek, new, 2014 Toyota Corolla for sale in Warrenton car dealer advertisements and you’re ready to take the bait. There’s no doubt you’re purchasing a car that will serve you well for years, with Toyota’s renown for reliability. If you’re fortunate enough to be paying cash for the vehicle, so much the better. If not, perhaps it’s worth stopping and thinking for a moment, do you really want to take out a loan for that 2014 Toyota Corolla for sale in Warrenton? There is another option for you to have the car, one that’s becoming increasingly popular: you could lease instead.

“How can I possibly lease?” you may ask.  After all, the car is advertised as a 2014 Toyota Corolla for sale in Warrenton, not a 2014 Toyota Corolla for sale or lease. Don’t worry too much about that, most dealerships are offering leasing these days. Instead, try to focus on the pros and cons of leasing, versus those of buying.

Pros and Cons of Buying a 2014 Toyota Corolla for Sale in Warrenton

First the pros:

  • You get to own the car; it’s yours, no doubt.
  • Once your loan is paid off, you can keep the car, sell it or trade it in towards the cost of a new car.
  • You can shop around for a loan with an attractive interest rate.
  • If you fail to keep up loan payments on an unsecured loan, you’ll be in trouble with the bank, but you still have a car.

Now the cons:

  • The second you drive that 2014 Toyota Corolla off the forecourt, its value is depreciated significantly.
  • The car will continue to depreciate daily for the duration of your ownership.
  • If the car should get written-off in a collision, the insurer will only pay out the used value of the car.
  • In the event of the car being written-off, you will owe more on the loan than the insurance will pay out to you.

Pros and Cons of Leasing a 2014 Toyota Corolla for Sale in Warrenton

The pros are:

  • Your monthly lease payments will probably be lower than loan repayments.
  • At the end of the lease term (3 or 4 years) you can just give the car back and walk away.
  • At the end of the lease term you can trade the car in at the dealership and lease another brand new car.

The cons of leasing a 2014 Toyota Corolla for sale in Warrenton are:

  • There will be an annual mileage allowance, if you go over this you pay by the mile.
  • The car will never really be yours, although nobody else has to know that.
  • If you fail to keep up the payments, you will lose your car.

The Choice is Yours

As you have seen, both methods of procuring that lovely new 2014 Toyota Corolla for sale in Warrenton come with advantages and drawbacks. You need to assess which method might be best for you. Whichever option you decide to go for, come down and see us at Warrenton Toyota and have a chat with our sales team. We’ll be happy to take you through the ABCs of leasing or help you with your purchase.

Posted in Toyota Corolla