Toyota Corolla Lease

Why Should I Lease a Corolla?

One of the main reasons to lease a Corolla is that it is a strong, reliable car. Being able to get around town or travel long distances in a stylish machine are more good reasons to make a Corolla your next leased vehicle—but there’s more. Leasing gives you the opportunity to experience this car in a new way and, as we’ll discuss later, without the long-term responsibility of ownership.

What Are Some Benefits to Leasing a Toyota Corolla?

The following are just a few of the many benefits that leasing a Toyota Corolla entails. These highlighted benefits should help you decide whether or not a Corolla lease is right for you.

As we mentioned earlier, leasing allows you to enjoy the Corolla on its own terms, without the lengthy responsibility of ownership. You’ll get to enjoy the same power and tradition of a Toyota, without the involved upkeep of lifetime ownership.

An often-overlooked benefit is that typically, leases only last from two to three years. What this means for you is that while you might enjoy the Corolla, you aren’t bound to it. If you enjoy experiencing the newest hardware or cutting-edge software features, then you’re in a great spot. The ease of moving from lease to lease means that you can be one of the first in line to see these new updates and advancements up close.

A final benefit to mention is that due to their nature, lease deals often trend so that you end up experiencing a lower down payment. In addition, there are circumstances where you may end up not being responsible for putting down anything out of pocket. While these benefits aren’t always 100 percent assured, they remain important factors when considering a lease.

What Are My Options When My Toyota Corolla Lease Ends?

When your Toyota Corolla lease ends, there are a few avenues you can take. One of the most common options is to simply return your Corolla to the dealership that holds the lease. It is important to keep in mind, however, that if the vehicle has experienced excessive wear and tear or has exceeded the allotted mileage, you are responsible. Once that’s settled, you can walk away altogether or enter into a new lease.

Another option is that you can purchase your Corolla outright. If you do take this avenue, then you’ll have to pay the residual value of the car. However, this tends to be lower than the book value. This option helps to put you in a better financial position, which is good to consider.