Leasing a new Toyota model is an excellent way for Virginia Beach drivers to experience the technology, efficiency, and comfort of a new car without the long-term commitment involved with financing. One specific term you may come across in your lease is the Toyota lease residual value. Here at Hall Toyota Virginia Beach, our transparent team of Toyota dealers is happy to share everything you need to know about residual value.
What is Residual Value in a Toyota Lease?
In simple terms, the residual value refers to the projected wholesale worth of your chosen Toyota vehicle at the very end of your lease agreement. Toyota Financial Services determines the residual value at the start of your lease. The estimate is based on multiple factors, including the specific model, its historical value retention, market analysis, and the lease term.
Strong Resale Value = High Residual Value
One particular advantage of leasing Toyota cars is that they are renowned for their outstanding reliability and durability, and consequently have a high resale value. This means that Toyota cars have higher residual values than other brands. The vehicle is expected to depreciate less over your lease term, and this smaller depreciation amount directly translates into more attractive and often lower monthly lease payments.
Residual Value and Your Options at Lease-End
The residual value also provides predictability when your lease comes to an end. The residual value becomes your guaranteed purchase price if you purchase your leased Toyota car. Alternatively, you can simply return your leased vehicle to Hall Toyota Virginia Beach and walk away.
Lease a Toyota Car in Virginia Beach, VA
We make the lease process simple and stress-free at Hall Toyota Virginia Beach. Whether you want to get behind the wheel of the Toyota Tacoma, Toyota Highlander, or something else, visit our friendly showroom!
