Should I Lease or Should I Buy?
We all know that classic Clash song, “Should I Stay or Should I Go?”
Another question asked just as much, but without the catchy hook is, “Should I Lease or Should I Buy?”
When it comes to your next vehicle, that question is definitely at the top of the list. And the answer is quite simple, it’s mostly a matter of preference really, although there are some key differences worth going over.
Here’s the quick comparison.
Financing Is Right for You If:
• You put a lot of mileage on your vehicle
• You want to own your vehicle outright
• You use your vehicle for commercial purposes
Leasing Is Right for You If:
• You want lower monthly payments
• You like driving a newer car more often
• You would like a short term commitment
Michelle Whittle, Product Advisor at Heffner Toyota, also explains one of the main advantages of leasing.
Still not sure? No problem. Let’s drive into each a little further.
With Financing, you still have the option of flexible terms. This gives you the ability to make smaller payments for longer periods of time; terms can go up to 84 months.
Another benefit of financing a Toyota is that Toyota vehicles are known for their longevity and reliability. Buying can be a cost effective option for anyone looking to remain behind the wheel of their vehicle for an extended stay.
Finally, because Toyota’s are known for their longevity, they also “hold their value” extremely well. So, once you have it paid off, you own an asset outright that has solid resale value. Toyota’s routinely take home Canadian Black Book Awards for vehicles that best hold their value when it’s time for a trade-in.
2019 Winners included:
• Prius V
As you can see, whether you’re looking for a sedan, hybrid, van or truck, Toyota has a vehicle that will retain its value.
Now, let’s switch over to Leasing.
Lease-Terms range from 24-60 months giving you fantastic flexibility for all of life’s changes; job, growing family, keeping up with changing technology, and the list goes on. This also allows you to have a smaller upfront cash outlay, which in turn ties up less of your credit on a depreciating asset.
When it comes to maintenance on a leased vehicle, you have less surprises since you’re always driving a vehicle under warranty. If something does come up, there’s a strong chance you’re covered.
Guaranteed Asset Protection comes standard on all leases which gives you additional protection. If the unthinkable happens, and your vehicle is a write-off, GAP covers the difference, after you pay the deductible, between what you owe on the remainder of your lease and the amount of your insurance settlement.
Now, leasing does limit the amount of driving you can do within a year. With that said, you can choose from 16,000 km, 20,000 km and 24,000 km allowances. You can also purchase additional kilometers at a reduced rate up front.
***DID YOU KNOW – the average Canadian drives 16,888 km/year***
If you’re a small business owner, leasing may offer you significant tax advantages. Definitely worth discussing with your tax advisor. If you’re not a business owner, you can always invest the difference between what you pay leasing compared to financing and make that money work for you.
Finally, the Automotive Lease Guide awards vehicles for Residual Value, which is what your vehicle is worth at the end of your lease term. The higher the residual, the lower your monthly payment, since you’re only paying for the portion of time that you’re using the vehicle.
2019 Winners included:
Hope that helps to illustrate some of the differences between leasing and financing a vehicle. If you have any additional questions, a Product Advisor can go into greater detail for you.
Now back to that other question, “Should I Stay or Should I Go?” Summer holidays are just around the corner.
Apple CarPlay Software Update
Looking to enhance your in-vehicle multimedia experience?
“What can I help you with?”
Apple CarPlay is retroactively coming to more Toyota & Lexus vehicles with a software update available through the Heffner Lexus and Heffner Toyota Service Departments.
I’m sure you’re pretty excited right now, and if you’re not, maybe you’re not aware of everything Apple CarPlay can do for you?
Here’s the rundown.
Apple CarPlay enables you to access your iPhone interface through your vehicle’s Audio Multimedia display. Simply connect your compatible iPhone via an Apple-approved USB cable to get directions, make calls, send and receive messages via Siri, and get access to your favourite apps like Spotify, Audible, Waze, and many more.
By using Apple CarPlay you’re able to access everything you love about your iPhone while keeping your eyes on the road; right where they need to be.
This retroactive software update is available for different models on both Lexus and Toyota.
Lexus Models include:
• 2018 RC, RC F, LC, LCh, LS, LSh, NX and NXh.
• 2019 RC F, NX and NXh (built between May & September 2018)
Toyota Models include:
• The 2018 Sienna, Camry, and Camry Hybrid.
A minimal cost for the update does exist as an appointment is required with a service technician; $60 for Toyota models, and $70 for Lexus.
That price is available on Toyota for the first 3 years from the date of first sale or 60,000 km, whichever comes first.
For Lexus, it’s available for the first 4 years from the date of first sale or 80,000 km, whichever comes first.
However, if your Toyota or Lexus has exceeded the kilometers at the launch of this enhancement, there is a mileage-exemption grace period that ends December 7th, 2019. After that, the update is still possible, but with an increased expense.
So far, the response has been overwhelmingly positive. James Dreher is one of the many happy guests reacting to the retroactive update.
Still have questions regarding the Apple CarPlay Software Update? Our Service Department is ready with the answers. Call today to ask, or to book your appointment.
What kind of difference can a couple hours make?
Especially when those couple hours, turn into a couple days, a couple weeks, and eventually an entire month of non-stop charitable work.
That’s exactly what Farwell4Hire is.
One guy, with an entire community behind him, doing what it takes to raise funds and awareness, so that hopefully one day, there will be a cure for Cystic Fibrosis.
Now with that kind of determination, how can you not want to be a part of it?
On Friday, May 10th, Heffner Auto Cleaning and Detailing Centre once again hired Mike Farwell to join our team and clean cars.
Within a couple of hours, Farwell washed, vacuumed, shined, and waxed in the name of CF, and walked away with a $2500 donation to go towards his $150,000 goal.
To add an extra twist to this year’s donation, Heffner’s also put up a Gold Detailing Package for auction. The highest bidder would have their vehicle cleaned by Farwell with the help of our experienced team.
With a bid of $210, Margaret Taggart won the auction. Unfortunately though due to a scheduling conflict, her Gold Package detailing was delayed until the following week, but none the less, her generosity added to the grand total.
Now between waxing on, and waxing off, Farwell mentioned that two of the greatest parts of what’s happening right now regarding Cystic Fibrosis, is that the best research into finding a cure, in all of the world, is happening right here in Canada.
How great is that?
And if that wasn’t enough of a feather in the cap, Waterloo Region is also one of the top fundraising communities in all of Canada. We’re leading the charge; once again proving there’s no match to our generosity.
These are two of the reasons why there has been tremendous advancements in treatment and steps towards finding that cure for CF.
The #Farwell4Hire campaign has officially wrapped up reaching 104% of the original goal. Congratulations to Mike, and thank you to Waterloo Region for your continued support.
Prius Prime Plug-In
The big difference between a Self-Charging Hybrid and Plug-In Hybrid is in the name.
A Self-Charging Hybrid, like the majority of Toyota models, recharges its battery power with use; while driving and braking.
The Plug-In Hybrid needs to be plugged-in to charge, but it doesn’t have to be a designated Charging Station. It can be done from any household electric outlet.
An added benefit is you can schedule your charging so it happens over-night during off-peak hours for extra savings.
Further Advantages of Plug-In Hybrid
Expanded all-electric EV range enables fuel-free, emissions free commuting and a significant reduction in lifetime fuel use and emissions.
The benefit of electric vehicle driving, without range anxiety.
Regular charging saves fuel but isn’t mandatory. Since a gasoline engine is on board, the Toyota Prius Prime can always be driven, whether it’s been recharged or not – operating as a hybrid so still delivery fuel efficiency.
Make a Date Every 8 And You Could Win!
Toyota is known for its durability and reliability.
With that said there are essential services that need to be performed to help your Toyota live its longest life possible.
It’s highly recommended that you bring your Toyota home and book a service appointment every 8,000 km, with the experts who know your vehicle best.
By servicing your vehicle every 8,000 km, it gives you the peace of mind of knowing your vehicle is well maintained along with the confidence to get out there and explore more.
Here at Heffner’s, we even go one step further. We register your vehicle for the Make a Date program and pre-book your first service appointment for your convenience, before you pick it up. Your personal Product Advisor will present your Make a Date flyer with your first calculated pre-booked Service Appointment and your personal Make a Date ID. Two weeks ahead of your pre-booked appointment, our Appointment Coordinators will reach out and confirm the appointment with you.
For an added bonus, there’s also an Esso price privileges card waiting for you on your first 8,000 km service appointment. Plus, you’re entered into a draw to win The Ultimate Dining Card as well as cash prizes with every service visit. For more on the contest rules, click here.
Each Make a Date service appointment covers off a variety of items, including oil changes and inspections. To view your recommended maintenance schedule or to obtain a full list of what happens and when, click here. You will be redirected to a form where you’ll need to fill out a few basic details like vehicle, model, year, age and/or mileage. When complete, click Update Schedule. Everything you want to know will be presented. You can easily print it off for your records.
If you’re unsure of when your Make a Date appointment is, or need to book any other service appointment for your vehicle, you can use our Request A Service form online by clicking here. Make sure to fill in the comments with what you need.
Remember, Make a Date Every Eight to keep your vehicle’s maintenance up to date.
How To Get Top Dollar for Your Trade-In
The internet is fantastic for many things, but when it comes to your vehicle, nothing beats the hands on, personal touch that bringing it in to the dealership can provide.
That especially goes for when you’re looking to trade in your vehicle.
For the most accurate and best value appraisal, it’s always best if we can see it in person; whether it’s at the Heffner Used Vehicle Centre or the Heffner Luxury Pre-Owned Centre, depending on what you’re driving.
We can search the VIN (Vehicle Identification Number) online which will show its history, including whether it’s been in an accident or not. What it doesn’t show though is the overall condition of the vehicle, and the immaculate car care you’ve given it over your ownership. This is the time to show it off and get your return on investment.
For the best possible appraisal and top dollar the first time around, we need to see if it has any scratches or dents? Is there solid tread and life left on the tires? Is the air conditioning working and blowing cool air? What’s the body like; is there any rust? Are all power functions working?
As you can imagine, there is a list of items we go over to offer a fair trade-in value.
Plus, if you’re looking to buy, 9 out of 10 times, you’re likely wanting to see the vehicle, test drive it, possibly even have it inspected by your mechanic. That’s natural, and we encourage it. To get the best feel for the vehicle you need to sit in it, feel it, drive it.
So, while you’re appraising our vehicle, we can appraise yours which saves you time as everything is happening at the same time. Our appraisal only takes 10-15 on average.
When you’re finished, we can provide you the most accurate details possible so that you can make an informed decision.
In the end, we want you to feel good about your trade-in, and even more excited about your new vehicle.
If it’s time to upgrade, we look forward to seeing you and your vehicle at Heffner’s.
Lexus Tech Tip
How to Send a Hands-Free Text from your RX
We all know the dangers of distracted driving and how important it is to keep our eyes on the road and not on our phones.
Stuart Wright, Product Advisor & Lexus Technology Specialist, shows us how to send a hands-free text using the Lexus RX.
It’s extremely easy and for the most part, voice activated.
By following Stuart’s steps above, you’ll be able to stay connected to family, friends, and business contacts while on your commute.
The Lexus Infotainment System also allows you to take and make phone calls without holding your device.
New & Familiar Faces
We’d like to introduce a couple new faces leading the charge in two of our Heffner Departments.
Lexus Service Manager
First off, we have Bob Beatty who now heads up the Lexus Service Department. Bob brings several years of Service Management experience to our team.
Away from the shop, Bob spent 30 years on the ice, refereeing in the OHA; Junior, Senior and University hockey. He’s also an avid golfer and a big family man.
Collision Centre Manager
This name you will likely recognize as he’s not new to Heffner’s, but new to the Collision Centre. Matt Kennedy has added a new hat to his repertoire, now the Manager of the Collision Centre as well as continuing his duties at the helm of the Auto Cleaning and Detailing Centre.
Matt’s been “part of the family” for almost 20 years, starting with Heffner’s in February 2000. Matt’s a big sports fan cheering to the New England Patriots and an even bigger dog lover.
Thanks for reading our Heffner Review. If you have any thoughts, comments, suggestions, or anything else, please feel free to email Ryan with them. Thanks again!