Lease or Buy?

Helping You Decide Between Financing or Leasing

A common dilemma that car buyers face is whether they should be leasing or financing their next vehicle. The issue is, it’s not abundantly clear what the differences are between the two, and what the benefits of choosing one over the other would be. If you find yourself in this situation, don’t stress, that’s what our leasing & financing experts at James Toyota are here for. Continue reading below as we’ve compiled a list of the benefits of each option, so that you can make the right decision that best suited to your lifestyle.


In a nutshell, financing a vehicle means you’re borrowing money in order to fully purchase, and eventually own a vehicle. As such, you incur all of the responsibilities of vehicle ownership, such as regular maintenance costs, but you also have the freedom to do whatever you wish with the vehicle. 

Benefits of Financing

  • No mileage restrictions: Since you own the vehicle, drive it as often and as far as you please without the stress of exceeding a kilometer limit.
  • Ability to modify or alter the vehicle: As you own the vehicle, you’re free to modify it as you please, without the fear of penalties for breaking lease conditions.
  • More affordable in the long run: Although your payments may be higher than when leasing, it’s still cheaper than opting to buyout a leased vehicle
  • The best option if you want to keep your vehicle for a long time: If you’re planning on driving your vehicle for more than 8 to 10 years, then financing is the option for you


By leasing a vehicle, you agree to certain terms and conditions that allow you to drive the vehicle for an agreed upon length of time. These conditions include amount of years, physical condition of the vehicle, regular maintenance and an agreed upon kilometre limit. Put simply, think of leasing as a long-term vehicle rental option. You agree to drive the vehicle for a set amount of time, keep it in good condition and return it under a set kilometer limit. 

Benefits of Leasing

  • Avoid depreciation: As you agree to drive the vehicle for a set amount of time & kilometres, there’s no need to worry about depreciation.
  • More affordable monthly payment: Due to their shorter terms and lower amount borrowed, lease payments are typically more affordable in the short-term.
  • Replace your vehicle every two or three years: If you want to be behind the wheel of a new vehicle every couple of years, then leasing is the best option for you.
  • Advantageous if you use your vehicle for work: If you have a set driving routine, know your annual kilometres and rarely stray away from them, then leasing may be your best bet.

To learn more about our financing and leasing solutions, get in touch with one of our leasing & financing experts at James Toyota, today!