Financing vs. Leasing

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It is an argument that has been going on for years and is one that isn't likely to end any time soon - which is better, buying and financing a car, or leasing one? One problem is that over the years, too many people have discussed it as an absolute. The fact is that each method has its own advantages and disadvantages, and each method will work better for some people than for others. You need to figure out which way is best for your situation.

Buying and Financing

You can buy a car outright, and if you have the cash on hand, there's certainly no reason not to. However, most of us don't have an entire vehicle's sales price in our bank account, so for us, there is financing. Financing helps you make up the difference between your down payment and the overall price of the car.


  • When the loan is paid off, the title is yours.
  • You can modify your car as it suits you.
  • Insurance is determined by your needs and the requirements of the loan company. These requirements are often much less stringent than those of leasing companies, meaning lower yearly insurance payments.
  • No mileage limits. Whether you drive 2,000 or 20,000 miles per year, you won't have to pay any extra.
  • Every payment builds equity in the vehicle. Plus, after a while, the payments stop.


  • Without a large down payment, monthly payments can be quite high.
  • Any maintenance and repairs not covered under warranty will come right out of your pocket.
  • Early depreciation can mean that, early on, the car is worth less than the amount of money that is still owed on it, which is a major problem if you don't like it and want to get rid of it soon after buying it.
  • Selling the car may be difficult, especially if you want a reasonable return.


Leasing a car is like having a long-term rental. It's cheaper and easier to deal with, and it certainly rates high as far as conveniences goes. It comes with plenty of cons though.


  • Short lease terms allow you to change up vehicles every three or four years without having to worry about selling your car or trading it in.
  • It's the responsibility of the leasing company to pay for most major repairs, not to mention that the terms of leases are almost always shorter than the lengths of warranties.
  • It's easier to get this method of payment with a low down payment or with poor credit.
  • Greater tax deductions.
  • Leasing can allow you to drive a vehicle that may be out of your price range if you were going to do payments.


  • If you want to own the car after leasing it, you'll have to go on a high payment plan.
  • Your ability to modify the vehicle is limited and, in many cases, not allowed at all.
  • Mileage limitations may have you worrying about if you can drive your vehicle at some points of the year.
  • Many leases come with penalties if you want to break it early.
  • Leasing one vehicle after another means that you will always have monthly car payments.

As you can see, there is plenty to be considered when choosing one or the other. Lucky for you, our financing department at Ourisman Toyota Chantilly is highly skilled in matching up buyers with the right payment option and the best terms possible.

  1. Ourisman Chantilly Toyota

    4135 Auto Park Circle
    Chantilly, VA 20151

    • Sales: (703)-378-2121
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  • Contact our Sales Department at: (703)-378-2121
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