If you’re thinking about leasing a Toyota vehicle, the first thing to ask yourself is why you’d like to lease instead of buy. Like most people who prefer leasing, you may simply prefer to drive a new car as often as possible. Most people will tell you that leasing a car is way more expensive than buying one because you have to turn it in at the end of the lease. However, by securing great Toyota lease deals, you can enjoy the use of a brand-new car for a few years without breaking the bank. Find out how to get the best deal on your Toyota lease by reading on below.
All too often, people attempt to lease vehicles without understanding how leasing works in the first place. Before you can effectively compare different Toyota lease deals, you need to get a handle on the basic aspects of a vehicle lease. Namely, they are the length of the lease, the number of miles that are allowed each year and the drive-off fee, or down payment. The actual price of the car matters too, but since you’re not buying it, focusing on fees and terms is generally more helpful.
Most vehicle leases spread out over a period of three years. While 36-month leases are the norm, they aren’t the only option. However, they’re typically the best option because most new cars come with three-year full warranties. After the first three years, the warranty typically drops off dramatically. If you are leasing a car that is beyond its initial three-year warranty period and something breaks, you could be stuck footing a big repair bill. Since you’ll ultimately turn the vehicle in, it makes no sense to sink extra money into it. Stick with 36-month leases to avoid this issue.
If possible, figure out approximately how many miles you drive per year. Most Toyota leases include 12,000 miles per year, or 36,000 miles for the length of the lease. If you exceed that amount, you’ll be charged anywhere from 10 to 15 cents for every additional mile, which adds up quickly. If you usually drive more than 12,000 miles, buying extra miles up front for around five cents per mile will allow you to make the most out of your deal.
Watch Out for Fees
As you search for Toyota lease deals, you’re sure to run across many advertised specials by local dealerships. Proceed with caution, as many of these deals draw you in with a rock-bottom monthly payment only to tack on several hidden fees. Sometimes, the terms aren’t that great, either. You might have to pay a huge drive-off fee, for instance, or the advertised monthly payment may not include taxes and other fees.
Always ask for a clear breakdown of all of the fees and costs that are associated with any given Toyota lease deal. If you don’t understand something, ask for clarification. Oftentimes, you can negotiate away at least a few of the extra fees to arrive at a better deal.
Finally, if you already know which Toyota vehicle you want, you don’t need to go to dealerships in person to kick-start your search for great Toyota lease deals. Instead, start by requesting quotes from dealerships’ internet departments. First, ask for a sales price quote. See which dealerships offer the lowest prices, and then go back and request lease quotes from each. Ask for worksheets that detail the various fees as well. With this information on hand, you can cut through the confusion to zero in on Toyota lease deals that suit your requirements, lifestyle and needs.
Current Toyota Lease Deals
Examples of current Toyota lease deals include:
- 2017 Toyota Camry – $189/month; 36-month, 36,000-mile lease; $2,399 due
- 2017 Toyota Sienna – $309/month; 36-month, 36,000-mile lease; $3,299 due
- 2017 Toyota Prius – $279/month; 36-month, 36,000-mile lease; $3,099 due