A Toyota Supra Lease: Everything You Need To Know
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Toyota’s flagship sports car, the Toyota Supra, is an exciting ride that will likely turn many heads as you pass by. As of this writing, the 2022 GR Supra was recently made available and met with fanfare by critics and customers alike. If you’re looking to get behind the wheel of Toyota’s flagship sports car, you’re probably wondering if a Toyota Supra lease is right for you.
In this case, you’ve come to the right place.
Leasing continues to increase in popularity, thanks to the many available deals, options, and packages. In today’s guide, we’ll discuss the pros and cons of a Toyota Supra lease and how it compares to straight-up purchasing.
Why Should You Get a Toyota Supra Lease
Getting a lease means you’re going into a long-term rental agreement for the Supra. Unlike the traditional car purchase, you don’t actually own the vehicle. If that’s the case, why should you lease a Supra as opposed to buying it? Here are several leasing benefits worth considering:
Lower Monthly Payments
One of the most well-known advantages of leasing is the typically lower monthly payments than going the financing route. When you purchase a vehicle via financing, you pay for the car’s total price over the loan’s life plus interest.
When you lease a Toyota Supra, the calculation of the monthly payments will be different.
Instead of paying for the car’s total value, your monthly payments will cover the Supra’s depreciation cost (including rent and taxes) throughout the lease. You’re essentially only paying for the depreciation cost incurred while the vehicle is in your care, and as a result, monthly payments are lower.
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Lower Repair Costs
Unlike traditional car loans, lease terms are short - typically 24 to 48 months. Since your Toyota Supra lease is so short, most of the repairs have coverage under Toyota’s bumper-to-bumper warranty. In some instances, Toyota may even cover the Supra’s scheduled maintenance.
Review your lease terms and agreements, and understand which repairs and maintenance jobs are covered to avoid unpleasant surprises in your bill.
Drive a New Car Every Few Years
Sports cars are some of the most popular vehicles that people lease - that includes the Toyota Supra. Since lease terms are relatively short, you get to drive the latest and greatest sports car models with cutting-edge tech and features - all without having to worry about purchasing it or reselling it when you’re due for an upgrade.
For example, the 2022 Toyota GR Supra boasts a signature 3.0-Liter Turbocharged Inline-Six, 8-Speed Transmission, and can crank out 382 HP @ 5800-6500 rpm. With a lease, you can drive the GR Supra and once you’re done with it, return it to the dealership and choose your next vehicle.
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Why You Shouldn’t Lease a Toyota Supra
Getting a Toyota Supra lease is not for everyone. There are several disadvantages that you should keep in mind when leasing a Supra or any other vehicle.
No Ownership
If you aspire to have your very own Toyota Supra, leasing is not for you.
With a standard car loan, Purchasing a car lets you build equity and gives you control over your new asset - as the car owner, you benefit by either trading in for a new model, selling it for cash, or just by continued use.
Meanwhile, you don’t own a leased vehicle unless you exercise your purchase option at the end of the lease.
Mileage Limits
Frequent drivers, beware! If you drive 12,000 to 15,000 miles a year (which is the typical mileage limit on most leases), a Toyota Supra lease doesn’t make sense.
Dealerships and leasing companies assign mileage restrictions on leased vehicles to minimize the vehicle’s wear and tear and preserve its condition for a future resale. Going over the restrictions means more money you need to shell out.
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Tips for Toyota Supra Lease Deals and Offers
Good news! Toyota has made leasing more accessible for potential lessees through various deals and offers.
Lease deals and offers may vary from one dealer to the next, depending on which model you prefer. The best way to find out which lease deals and offers are available is to contact your local Toyota dealer. Plus, they can walk you through the process of leasing if you’re new to this particular agreement. On top of that, you can request a quote, so you’ll know where you stand, budget-wise.
Customers who want to get a good idea of their monthly lease payments can use Toyota’s handy Payment Estimator - this one, in particular, is for the 2022 GR Supra. As of this writing, Toyota has several special offers on the table.
- If you’re a long-time Toyota customer, they have the Lease Loyalty Program, which gives you $750 in cash and includes ToyotaCare.
- If you’ve graduated from college within the last two calendar years or will within the next six months, you’re eligible for the College Grad Rebate of $500.
- Lastly, military personnel can get a $500 rebate on new Toyota models, including the new 2022 GR Supra.
Toyota Supra: Leasing vs. Buying
Each payment option has its pros and cons. But when it comes to the Toyota Supra, does it make more sense to buy or lease?
For example, a 2021 Toyota Supra 3.0 Premium has an MSRP of $56,825. According to several experts, you need to negotiate the price down to $51,805, and all the better if you can snag some rebates. Whether you lease or not will depend on the money factor and interest rate; with an interest rate of 5% or more, you’ll pay roughly $600+ per month, depending on your down payment.
Leasing a $50,000 sports car means that you may incur as much as $180+ of monthly finance charge - and by the term’s end, you don’t even own the Supra.
By going the car purchase route, the monthly payments are higher but will go towards actual ownership. Many experts will recommend that you buy the Supra as opposed to leasing. Please note that the prices and lease numbers we’ve listed can vary based on the dealer, local taxes, and available rebates.
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