Toyota is a reputable brand when it comes to durable cars, SUVs, and trucks. The Toyota Tacoma may meet all of your requirements for a Toyota if you have your heart set on this well-known Japanese automaker.
Nevertheless, renting a Toyota Tacoma is a reasonably simple process, and the company routinely runs specials and packages that can help you save money.
We’ve put together a brief guide on how to lease a Toyota Tacoma for today’s post, along with some advice and suggestions on whether you should buy or lease.
In This Article...
What is a Toyota Tacoma Lease?
It’s likely that you’re unfamiliar with car leases and how they operate if you’ve never purchased an automobile. In essence, an automobile lease is a long-term renting arrangement with cheaper monthly payments than full-price financing.
If you are eligible for a Toyota lease, you will effectively be paying interest on the Tacoma’s depreciation cost while it is in your possession. Toyota lease terms typically range from 24 to 60 months, with an annual mileage allowance of 10,000 to 12,000 kilometers.
The year and type of the Tacoma you lease will determine other details. At the end of the term, additional fees for mileage overages and excessive wear and tear could be assessed.
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How to Get a Toyota Tacoma Lease?
Applying online is arguably the quickest method to get started with a Toyota Tacoma lease. You are under no obligation to lease a Tacoma from the dealer after submitting the online credit application from Toyota.
You will be required to complete a form with your zip code and other details. After submitting your application, Toyota’s credit analysts will evaluate it.
If you are accepted, a pre-approval certificate good for 30 days will be sent to you via email. Any Toyota dealership of your choosing, as well as any other participating dealer, may accept this certificate. Once you’ve decided on a dealer, they’ll get in touch with you to arrange a meeting to go over your finances.
In comparison to a full financing agreement, you can anticipate paying less money up front and having lower monthly payments while leasing a Tacoma. Typically, you have the option of leasing a brand-new Tacoma for 24 to 60 months, or a qualified Toyota Certified used model.
The following expenses could be covered by the lease by the time it is signed:
- Initial installment
- Security payment (refundable)
- acquirement cost
- additional fees and taxes
- reduced capitalized costs (very similar to a down payment)
You can always be sure that you got the greatest value possible since CoPilot scans your neighborhood and notifies you if there is a better deal on a comparable vehicle nearby. The best approach to purchase a car is through the CoPilot app.
Additional Lease Requirements
You can anticipate the following conditions to be part of the agreements when leasing a Toyota Tacoma:
- Mileage restrictions: For a regular lease, the lessee is allowed 15,000 kilometers annually. If you choose a low-mileage lease, that number drops to 12,000 miles each year.
- Charges for excessive wear and tear – The dealership will add extra fees for damage that goes above and beyond typical wear and tear. The Excess Wear & Use Protection Plan is an option that can save you money on wear and tear charges.
- Disposition fee – This charge will be added to your lease at the end to help defray the cost of selling or otherwise getting rid of your car. For qualified clients, who plan to buy or lease their next vehicle from a Toyota dealer, the disposition fee will be waived.
- There is no early termination fee if you return your Tacoma at the end of the lease. However, because the cost will be high, we do not advise doing it.
Other Lease Programs
In the event that a normal leasing program isn’t the best fit for you, Toyota provides different solutions. For instance, they also have a “1 Pay Lease” option that enables you to pay off the entire lease at once. You avoid the trouble of making monthly payments, and you can pay less overall than with a conventional lease.
For drivers who don’t travel far, Toyota also offers a “Low Mileage Lease” option. As previously noted, you receive 12,000 miles year in exchange for fewer monthly payments.
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What Happens at the End of My Toyota Tacoma Lease?
For your Tacoma truck, you have several end-of-lease options:
- Return the car and purchase or rent a new Toyota.
- Purchase the Toyota Tacoma you are presently using.
- Bring the Tacoma back to the dealer
The dealership will get in touch with you before your lease expires to discuss your alternatives and the subsequent actions. You can also benefit from the free vehicle inspection in order to get ready for the end of your lease. By having your car inspected, you can learn more about its condition and use that knowledge to guide your actions.
Should I Buy or Lease a Toyota Tacoma?
One of the hardest choices that many customers must make is this, especially if they’re first-time buyers. Would it be preferable to buy your new vehicle than to lease a Tacoma?
Lower monthly payments are among the key advantages of leasing a Toyota Tacoma. You wind up spending less than a financing arrangement because you’re only paying for the time you’re’renting’ it. Customers on a tight budget who simply want to get behind the wheel of a Tacoma truck for less can consider leasing.
Less expensive maintenance charges are another significant advantage of leasing. You will be covered by Toyota’s Comprehensive Warranty for the entire term of your lease, so you won’t have to worry about astronomical repair costs.
It goes without saying that leasing a Toyota Tacoma has a number of disadvantages, the most obvious of which is that you don’t actually own the car. Leasing with Toyota is essentially a long-term renting arrangement. If you do decide to keep driving your truck, you will have the opportunity to refinance the purchase price of the truck at the end of your lease.
Get a Curated List of the Best Used Cars Near You
The simplest way to purchase a car is using the CoPilot auto shopping app. You may create a customized list of the top car listings in your area by telling us what you’re looking for, and we’ll search the inventories of every dealership in your area.
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What should I expect to pay for a 2021 Tacoma?
The starting price of the 2021 Toyota Tacoma is $26,150. For the past 15 years, the Toyota Tacoma has been the best-selling midsize truck on the market.
Why are Tacoma leasing rates so low?
Tacoma’s worth was expected to hold up to 84 percent of its original value after 24 months, making rentals affordable.
Because depreciation expense determines the cost of leasing, high residual value is favorable.
Non-captive, third-party lenders provide competitive interest rates and should be taken into account.
Unexpectedly, the residual value of an automobile still matters when leasing one.
When you lease a vehicle, you are responsible for covering any depreciation that results from your usage of it. For instance, if a car costs $20,000 new and is expected to be worth $11,000 in 36 months, your total depreciation expense is $9,000, or $250 a month. Your monthly lease payment will then be calculated by adding a finance charge on top of it.
A large residual value reduces the cost of depreciation. The smallest difference between the selling price and residual value of the car is ideal for a lease, as is a low interest rate (referred to as the “money factor” in leasing jargon) to reduce the finance fee.
A Tacoma costs how much per month?
For the 2022 Toyota Tacoma, the typical lease option costs $390 per month for a 36-month term, 12,000 miles per year, and $2,000 payable at signing. Depending on the length of the lease and the annual mileage, monthly payments can be anywhere between $374 and $506 per month.
With a $2,000 down payment and a 48-month lease with 10,000 miles per year, the Toyota Tacoma’s lowest monthly price is $374.
A brand-new 2022 Toyota Tacoma has an MSRP of $28,485. The average market selling price, however, is $29382.
A pickup vehicle, the Toyota Tacoma 2022 is one. The Ford Ranger, Chevrolet Colorado, GMC Canyon, Nissan Frontier, and Honda Ridgeline are more comparable automobiles. The Chevrolet Colorado is the least expensive vehicle to lease, at $364 per month, while the Honda Ridgeline is the most expensive, at $505 per month, according to average leasing data for comparable vehicles.
Toyota leases: Are they worth it?
Choosing a Toyota lease arrangement has several obvious benefits. For instance: You get to enjoy a new car without having to pay its full price. Monthly payments are less than repaying a car loan.
How much does it cost to lease a Toyota?
The money factor, which is akin to an interest rate on a loan, is essentially the financing rate for a lease. Due to the fact that calculating interest on a lease is more difficult than calculating interest on a loan, the leasing firm performs the calculations and incorporates the result into the lease cost.
What issues does the Toyota Tacoma have for 2021?
Among the most frequent complaints made by car owners to the NHTSA are those involving the powertrain, steering, and engines. Even though it may not be as well-liked as the Big Three pickups, buyers continue to swarm to the 2021 Toyota Tacoma.
Is the year 2021 favorable for Toyota Tacoma?
The anticipated reliability rating for the 2021 Tacoma is 81 out of 100. A predicted reliability score from J.D. Power of 91 to 100 is regarded as the best, 81 to 90 as great, 70 to 80 as medium, and 0-69 as fair and below average.
What is a 2021 Tacoma’s residual value?
Trucks are more popular than ever, and many driveways across the nation now have them in place of sedans as the primary family vehicle. They are cozier, more useful, and more capable than ever. It makes sense that pickups would have high resale values given their high demand.
That suspicion is confirmed by the data we obtained from our friends at IntelliChoice; every midsize and full-size truck from the 2021 model year is anticipated to retain more than 50% of its value. An average new truck will hold onto 59.8% of its value. For the purposes of uniformity, we only included full-size crew cab models. These six trucks have the highest resale prices out of the 13 models that are currently on the market.
GMC Sierra 1500 Crew Cab – 60.7 Percent Retained Value
The first vehicle on our list is the pricier twin of the Chevrolet Silverado 1500, the 2021 GMC Sierra 1500 Crew Cab. Its exceptional hauling capacity, quick engine choices, and excellent handling have all been praised. However, its ergonomics and low quality inside materials limit its potential.
The Sierra 1500 appears to be more popular on the used car market than the Ram 1500 Crew Cab, which has a value retention rating of 58.6 percent. The GMC Sierra 1500 Crew Cab pickup should retain 60.7 percent of its value after five years.
Ford F-150 SuperCrew – 61.1 Percent Retained Value
With the 2021 Ford F-150 SuperCrew, Ford narrowly defeated the GMC Sierra in terms of resale value. The F-150, which debuted for the 2021 model year, has a sleek look, amazing technology, and skillful driving characteristics. However, the wooden brake pedal sensation is a major letdown.
The F-150 is not only the most popular truck in America, but it also has a high resale value. The current SuperCrew full-size Ford vehicle should hold onto 61.1 percent of its value in five years. Ford, in our opinion, offers one of the better vehicles currently available, and it turns out that doing so is also a rather smart financial move.
Chevrolet Colorado Crew Cab – 61.2 Percent Retained Value
The little truck from Chevy is a strong competitor in its class. In our 2019 midsize pickup truck comparison test, it won top place because to its comfortable ride, highly practical bed, and potent towing and payload capacities. We have also praised the ZR2’s outstanding off-road prowess.
Over the following five years, the Colorado Crew Cab should maintain 61.2 percent of its value. For those seeking a smaller truck as a daily driver, we think Chevy’s midsize selection is a really great deal.
Jeep Gladiator – 64.3 Percent Retained Value
The Gladiator is a peculiar little duck. It is the only pickup truck now on sale with an option for an open roof and is quite capable off-road. There is only one little bed size available, and it has poor road manners. Additionally, base trims are lacking in features, and higher optioned trims are expensive.
Jeep is skilled at creating cars with high resale value. Over the next five years, it is expected that the Wrangler will retain 81.4 percent of its initial value, making it a champion when it comes to making large money on the used car market. The Gladiator manages to retain 64.3% of its worth during a five-year period, despite being unable to match that figure.
Toyota Tundra CrewMax – 69.8 Percent Retained Value
The Toyota 2021 Tundra full-size pickup truck came in second on this list despite the recent unveiling of the brand-new 2022 Tundra. Before a new generation of the Tundra was unveiled, the truck was 14 years old, as anyone who followed the truck market would recall.
We bemoaned the outmoded interior technology and dated V-8 engine in our evaluation of the departing 2021 Tundra TRD Pro. Even yet, if you decided against waiting for the third-generation pickup, the 2021 Tundra retains 69.8% of its value.
Toyota Tacoma Double Cab – 77.5 Percent Retained Value
Toyota’s goods have a high resale value due to its reputation for producing dependable and capable vehicles. With a remarkable 77.5 percent value retention rate, the Toyota Tacoma tops our list of pickup trucks. The 2017 Tacoma may not be our favorite midsize truck due to its confined inside and basic driving characteristics, but the facts speak for themselves. The Tacoma is the pickup for you if you want a vehicle that retains the bulk of its worth.