Interested in Leasing A Toyota Tacoma? Here’s What To Know
Photo by Dusty Barnes on Unsplash
When it comes to reliable cars, SUVs, and trucks, Toyota is a trusted brand name. If you have your heart set on this prominent Japanese car brand, the Toyota Tacoma may check all the boxes of what you want from a Toyota. Although it competes with many popular models like Honda Ridgeline, Chevrolet Colorado, Nissan Frontier,and Ford Ranger, the Tacoma certainly holds its own against them.
Having said that, leasing a Toyota Tacoma is a fairly straightforward process and the company frequently offers deals and specials that can help you save some money.
For today’s post, we have created a quick guide on how to lease a Toyota Tacoma plus some tips and ideas on whether you should buy or lease.
What is a Toyota Tacoma Lease?
If you’re a first-time automotive buyer, there’s a good chance that you’re not familiar with car leases and how they work. Basically, a car lease is an extended rental agreement where you make lower monthly payments compared to full-price financing.
If you’re qualified for a Toyota lease deal, you’re essentially paying for the depreciation cost of your Tacoma while it’s under your care, plus interest. Toyota leases generally last about 24 to 60 months with an allotment of 10,000 to 12,000 miles per year.
Other specifics of your Tacoma lease will depend on the year and model that you lease. Also, mileage overages and excessive wear and tear charges may apply at the end of the term.
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How to Get a Toyota Tacoma Lease?
Perhaps the easiest way to get you started on leasing a Toyota Tacoma is to apply online. Toyota’s online credit application is a great tool to help you shop for your Tacoma and creates no obligation to lease a vehicle from the dealer.
You’ll be asked to fill out a form including your zip code and various information. After applying, your request will be reviewed by Toyota’s credit analysts.
You’ll be notified via email if you’re approved and it comes with a pre-approval certificate valid for 30 days. This certificate can be used in any Toyota dealership of your choice or any other participating dealer. Once you’ve selected your dealer, they will contact you to schedule an appointment to discuss your financials.
When you lease a Tacoma, expect to pay less cash upfront and have lower monthly payments compared to a full financing contract. Generally, you have the choice of leasing a brand-new Tacoma or a qualified Toyota Certified used model for 24 to 60 months.
By the time of signing, the cost of the lease may include the following:
- First-month payment
- Security deposit (refundable)
- Acquisition fee
- Taxes and other fees
- Capitalized cost reduction (very similar to a down payment)
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Additional Lease Requirements
When you lease a Toyota Tacoma SR5, you may expect the following requirements to be included in the terms:
- Mileage limits - For a standard lease, a lessee may incur 15,000 miles per year. That number comes down to 12,000 miles per year if you opt for a low-mileage lease.
- Excessive wear and tear charges - The dealership will charge you extra for incurring damage beyond normal wear and tear. Available is the Excess Wear & Use Protection Plan which can help you avoid expensive wear and tear fees.
- Disposition fee - This fee will be applied at the end of the lease to cover the costs of selling or disposing of your vehicle. However, the disposition fee will be waived for qualified customers that will purchase or lease their next vehicle through a Toyota dealer.
- Early termination fee - You’re free to return your Tacoma at any time during the lease. However, we don’t recommend doing it since the fee will be substantial.
Other Lease Programs
Toyota offers other options in case a standard lease program isn’t right for you. For instance, they also offer the ‘1 Pay Lease’ which allows you to prepay the entirety of the lease with a single payment. This saves you from the hassle of doing monthly payments and you may end up paying less overall compared to a traditional lease.
In addition, Toyota also provides a ‘Low Mileage Lease’ for drivers who don’t drive long distances. As mentioned earlier, this gives you 12,000 miles per year in exchange for lower monthly payments.
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What Happens at the End of My Toyota Tacoma Lease?
You have several end-of-lease options for your Tacoma truck:
- Return the vehicle and buy or lease a new Toyota
- Buy the Toyota Tacoma you’re currently driving
- Return the Tacoma to the dealership
Leading up to the expiration of your lease, the dealership will contact you about your end-of-lease options as well as the next steps. Also, in preparation for the end of your lease, you may take advantage of the complimentary vehicle inspection. Having your vehicle inspected enables you to know about its condition and help you make informed decisions.
Make sure that you read Toyota’s Wear and Use Guide to avoid excessive fees.
Should I Buy or Lease a Toyota Tacoma?
This is one of the most difficult decisions that many customers face, especially if they’re first-time buyers. Should you go lease a Tacoma or are you better off purchasing your new truck?
There’s really no clear-cut answer since both options have their pros and cons.
One of the main benefits of leasing a Toyota Tacoma is the lower monthly payments. Because you’re only paying for the time you’re ‘renting’ it, you end up paying less than a financing deal. Leasing is a great option for budget-conscious customers who just want to get behind a Tacoma truck for less.
Another major benefit to leasing is the fewer repair costs. For the duration of your lease, you’ll be under Toyota’s Comprehensive Warranty which means you don’t have to worry about exorbitant repair fees.
Obviously, there are numerous drawbacks to leasing a Toyota Tacoma, and the most glaring one is that you don’t own the vehicle. Leasing is basically a long-term rental agreement with Toyota. However, should you decide that you would want to keep driving your truck, you have the option to purchase it at the end of your lease through refinancing.
Frequently Asked Questions
Q: What is ToyotaCare and how does it benefit me when leasing a Toyota Tacoma?
A: ToyotaCare, included with every new Tacoma lease, offers free maintenance for two years or 25,000 miles and 24-hour roadside assistance, keeping your Tacoma in tip-top shape.
Q: How does the Toyota RAV4 compare to the Tacoma in terms of leasing options?
A: While both the Toyota RAV4 and Tacoma are popular leasing options, they cater to different needs. The compact SUV RAV4 might appeal to those seeking a family-friendly vehicle with ample cargo space. In contrast, the Tacoma midsize truck is popular for its hauling and off-road capabilities.
Q: What are the advantages of choosing a 4WD Tacoma for my lease?
A: Opting for a 4WD (Four-Wheel Drive) Tacoma enhances off-road capabilities and provides improved traction on challenging terrains like mud, snow, and rocks.
Q: What should I know about the cab options when leasing a Tacoma?
A: The Tacoma offers different cab options to suit various needs. The Access Cab provides seating for four and smaller rear-hinged back doors, while the Double Cab offers seating for five and larger, front-hinged rear doors. Your choice will depend on your passenger and space requirements during the lease period.
Q: How does the MSRP impact my lease payments for a Toyota Tacoma?
A: The Manufacturer’s Suggested Retail Price (MSRP) is the recommended selling price set by Toyota. When leasing a Tacoma, the MSRP becomes a crucial factor in determining your monthly lease payments.
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