Because you are only paying for the portion of the vehicle that you will be using (usually around 50-60% of the retail price), your monthly payments are going to be significantly less than when you finance and make payments based on the full price of the vehicle.
2. You can afford more car for less money with a lease.
Because your payments will be significantly less, you have the option to lease a more expensive vehicle than you would have considered if you were to finance. Or you can stick with the same vehicle and enjoy the lower payments!
3. Shorter term contracts than a purchase.
When people finance a vehicle, they usually get a five of six year loan. A typical Cox Toyota lease is only 24-39 months!
4. Less maintenance cost.
Since most leases are 36 months or less, your vehicle may still be under factory warranty when you turn it in. Plus, with complimentary ToyotaCare your basic maintenance will be covered for the first two years or 25,000 miles, whichever one comes first. That means less money out of your pocket on car maintenance!
5. High mileage drivers save money.
When you trade in a vehicle, you are penalized 25-35 cents/mile by the appraiser for miles over a 15,000/year average. At the very least, there is an uncertainty about the value of your trade. However, when you lease, you are only charged 20 cents/mile - an amount pre-determined at the beginning of the lease deal.
6. No worrying about negative equity.
At the end of your Cox Toyota lease, you won't owe money to your bank and, therefore, won't have to roll that debt into your next vehicle. Leasing is a great way to "dig out of your trades" because most people aren't just financing their current vehicle - they are still paying off their previous vehicle because they had negative equity in it.
7. You can get a brand NEW car every 24-39 months!
8. GAP protection is included in the lease.
GAP protection pays the difference between a settlement from an insurance company and the actual payoff on a vehicle that has been totaled or stolen. When you finance a vehicle, this is a premium you must pay extra for.
9. No worrying about the value of your trade.
When you lease a vehicle, the residual price (similar in meaning to trade-in value) is calculated up front and guaranteed by the bank. When you turn your car in, you owe nothing, unless there is abnormal wear and tear (body damage, etc.) or you exceed the mileage determined at the time of leasing.
10. Improve your cash flow by not tying up your money.
With a lower payment and no need to save up for maintenance work, you will have more money in your pocket for more important things. There's definitely value in having extra cash.