Finance your next Toyota or Scion with Mayfield Toyota, Edmonton AB

Should You Lease or Finance a Car?

There are a number of things to consider when you are deciding if you should lease or finance a car or truck. A Toyota lease gives you a number of advantages including lower monthly payments over financing for a comparable vehicle, while financing gives you the benefits of owning a vehicle for yourself. What is the difference between financing & leasing?

If you want to lease a car in Edmonton, St. Albert, Stony Plain, Spruce Grove, or Sherwood Park, then get pre-approved for a low percent car lease with Mayfield Toyota Scion's online car credit application.

Advantages to Leasing a Car

  • A car lease will generally give you lower monthly payments and less up-front costs than financing the same model. Even low-percent financing may have higher payments than a comparable car lease.
  • You can upgrade to the newest model every few years, often without having to pay significantly larger payments.
  • When you lease a truck or car, you will typically pay less tax on a lease, as you only pay tax on the monthly payment as opposed to the full purchase price of a vehicle.
  • A number of options are available at your lease end:
    • 1. You can buy your vehicle for its purchase price
    • 2. You can return your vehicle
    • 3. You can lease or finance another Toyota vehicle

If you choose to purchase your vehicle at lease-end, there are a number of financing options available at Mayfield Toyota Scion.

Advantages to Financing

  • When you finance a vehicle, you have the freedom of unlimited kilometers and all the other benefits associated with owning you vehicle, including the ability to equip it with your desired aftermarket accessories.
  • You gain vehicle equity.
  • There are no penalties for excess wear and tear and you are free to drive an unlimited number of kilometers each year.
  • Financing has a lower carrying cost than leasing, as with a lease you are not repaying the entire value of the vehicle.

Financing vs. Leasing Comparison Chart

  Lease Finance
Term 48 Months 48 Months
Interest Rate 1.9% 0.9%
Selling Price $18,000.00 $18,000.00
Taxes N/A 900
Selling Price $18,000.00 $18,900.00
Lease End Value $9,000.00 N/A
Base Payment $277.29 N/A
Taxes on Payment $13.86 N/A
Total Payment $291.15 $451.71