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Is This is Lowest Possible Monthly Payment Option?

Mar 14, 2016

Many people who lease do it for two reasons 1) so that they can always drive new cars and 2) because it costs much less than buying. Let’s focus on the affordability of leasing for a moment. When you lease a car, you are paying to borrow a car for a set period of time. Since you are only paying to use the car and not to own it, you monthly payment will be lower than if you took a loan out to buy the car outright. Think of it as renting an apartment versus buying a home.

Just as renting an apartment saves you the headaches and costly repairs that come with home ownership, leasing is an affordable, stress-free alternative to car ownership. You do not actually own the car, so you don’t have to worry about any of the major expenses that can come with car ownership. Additionally, your car is under a manufacturer’s warranty, so you have peace of mind.

An even more affordable alternative to leasing a new car is leasing a pre-owned car. With this in mind, Irwin Toyota is proud to announce that we have begun leasing Toyota Certified Pre-Owned vehicles through Toyota Financial Services. The advantage of leasing a pre-owned vehicle is that costs even less on a monthly basis than leasing the equivalent new car. The reason for this is simply that a portion of your lease payment is based on the depreciation of the vehicle over the life of the lease.

The single biggest depreciation hit in a vehicle’s life occurs when it is sold as a new car and drives off the lot for the very first time. Since a used car has already incurred this initial drop in value, additional depreciation will occur at a slower rate, resulting in a lower lease payment. To give a more concrete example, a 24-month, 15,000-mile/year lease on a Certified Pre-Owned 2014 Toyota Camry will cost substantially less than a 24-month, 15,000-mile/year lease on a new 2016 Toyota Camry, while still providing the peace of mind of the Toyota Certified Program and a nearly new vehicle.