Buying or Leasing a Car? 6 Terms You Should Know

Like with any industry, car dealerships have their own jargon. When you walk into a dealership, you may hear the salespeople using terms like "invoice price," "MSRP," and "residual value," but do you really know what they mean? It's important for consumers to understand these terms so that they can make an informed purchasing decision. Read on to understand the key terms you may hear at the dealership. 

Invoice price: The invoice price is the original amount the car dealership pays the car manufacturer for each vehicle. This price does not always reflect the dealer's final cost due to rebates, discounts or incentives. 

MSPR: MSPR stands for Manufacturer's Suggested Retail Price. Also referred to as the sticker price, this is the figure that's most visible on the car's window sticker. It's also the price listed in advertisements for the vehicle. Dealerships often begin negotiations at the sticker price. Unless the vehicle is brand new or the model is in high demand, cars can sometimes be bought for less than the sticker price.

Residual Value: Residual value refers to how much the car will be worth at the end of its lease. Dealers use residual value to calculate the lessee's monthly payments. Generally, the longer the lease period, the lower its residual value is.

Realized Value: This is the actual market value of a leased vehicle at the end of the lease. 

APR: Annual Percentage Rate (APR) is the total amount you pay for your auto loan, including the interest rate and other fees. It is expressed as an annual percentage of the amount financed. With fixed-rated financing, the APR stays the same over the course of the contract. With variable-rate financing, the APR increases after a specific time period. 

GAP: Guaranteed Asset Protection (GAP) is an optional coverage for car buyers. It protects you in the event that your car is stolen or totaled in an accident. GAP covers the difference between what is owed on the car loan and what is covered by insurance. 

If you come across other terms you don't understand during your visit to Springfield Toyota, don't be afraid to ask the salesperson to explain them to you. You want to ensure you understand the terminology and the terms of the sale before moving forward.

Should You Buy or Lease a New Car?

Are you looking to ring in the New Year with a new car? If you're in the market for a new car, you've likely debated whether you should buy or lease. There are advantages and drawbacks to both, and the route you choose will depend on your financial situation and lifestyle choices. Read on to learn the pros and cons of buying and leasing a car.

Buying a New Car


If you plan to drive the vehicle for a long time, then it's probably best to buy rather than lease. When you buy a car, you own the vehicle outright once the loan is paid off. Since you own it, there are no mileage restrictions, and you can customize the car any way you like. Another major advantage is you can build equity throughout the life of the loan, which can help you buy your next vehicle. And, as the owner, you can choose to sell or trade in your vehicle whenever you want.


While you can often predict a vehicle's future market value, nothing is set in stone. Changing market conditions can affect the value of the car when you go to sell it or trade it in. Another drawback is buying involves a considerable down payment, with many lenders requiring 10 or 20 percent. It can also be difficult to secure monthly payments that fit within your budget.


Leasing a New Car

Many consumers are confused about how leasing a car works. When you lease a car, you pay the difference between the vehicle's price and its anticipated value at the end of the lease term. This is known as the residual value. Once the lease term is up, you return the vehicle to the dealership. 

Leasing requires a smaller down payment than financing a new car. But, like with buying, the larger the down payment, the better your monthly payments. In most cases, the monthly payments for a lease are lower than a monthly loan payment, unless you have a high-value trade-in or hefty down payment. 

Leases typically last about three years. Leasing can be ideal if you prefer having the latest technology and safety features, as it allows you to drive a new car every three years. Another benefit is during the lease term, the vehicle is usually covered under the manufacturer's warranty, which can save you money on unexpected repairs. However, you are still responsible for maintaining the car, including oil changes, tire rotations, and so on. Failure to maintain the car properly can result in fees at the end of the lease term. 

Along with these perks, leasing has some drawbacks too. Because you don't own the car, there are restrictions on how many miles you can put on the vehicle. The typical mileage range is between 9,000 and 15,000 miles a year. If you do a lot of driving, this is probably not the right option for you. If you exceed the mileage, then you will have to may overage fees at the end of the lease term. You will also incur additional fees if you do not return the car in its original condition. It cannot be returned with any damages or alterations. Another downside is leasing is like renting; you don’t build any equity that can be applied to your next car.

These are all important factors to consider when determining whether you should buy or lease a new car. Whether you choose to buy or lease, our New Jersey Toyota dealership can help you get the best deal on a new car. Visit our dealership, located on Route 22 in Springfield, today.

Benefits of Buying a New Car Over the Holidays

Are you in the market for a new car? Whether you're shopping for yourself or a loved one, December is a great time to buy. Demand tends to decline at the end of the year, making prices more attractive as dealerships aim to finish the year off strong. Additionally, car manufacturers offer better rebates at the end of the year to get rid of remaining 2016 models. Read on for more reasons to buy a car over the holidays.

Save on 2016 Models

New car models are released in the fall. Dealerships aim to have the old model sold by then, but this doesn't always happen. The 2017 models have arrived, and dealers are slashing the prices of 2016 models to clear their inventory. If you're interested in a 2016 model, then now is the perfect time to buy.

Enjoy Holiday Deals

Car dealerships are known to offer holiday promotions. From President's Day to Black Friday, dealers often offer special deals on holidays, and Christmas and New Years are no different. Manufactures usually offer special financing and cash-back deals during holidays, and dealerships often add on to these special offers. The deals are even better in December, as dealers and automakers are pushing to meet their annual sales targets. Buying during the holiday season can save you hundreds and even thousands of dollars on a new car.

Finally Get Your Convertible

While there are end-of-the-year savings to be had on all types of cars, convertibles are especially attractively priced in December. The cold weather has set in in New Jersey, and it's not very common for people to shop for convertibles in the colder months. To attract buyers in this slow season, more bargains are offered.  While you'll have to wait a few months until you can drive with the top down, you'll be extremely happy with your purchase come spring.

Autoland Toyota is offering a variety of specials on 2017 and 2016 vehicle models, including the new 2017 Jeep Grand Cherokee, 2017 Toyota Camry, 2017 Toyota Rav4, 2017 Toyota Corolla, and more. Take advantages of our low prices by visiting our NJ Toyota dealership on Route 22 East in Springfield. 

What to Expect from the New 2015 Hyundai Santa Fe

For those who have been waiting for the 2015 Hyundai Santa Fe makeover, wait no longer. Hyundai has been climbing the ranks in the automotive market largely impart by the introduction of the Santa Fe in 2013. As a crossover, the Santa Fe is the answer to many modern families’ problems. It combines features of a passenger vehicle with that of a SUV to fit various needs. As it seems, the 2015 version of the Santa Fe will be getting a makeover so expect a lot of design changes in the near future. If you loved the look of the 2013 or 2014 edition, then next year’s version is expected to blow you away. WE should be carrying this edition by the end of the year. Below are some of the new features you can expect..

Exterior- The 2015 Santa Fe will come with new front and rear bumpers along with a modified front grille. There will be all new taillights and headlights. The Santa Fe will be made of light materials reducing the weight of the car while simultaneously reducing fuel consumption.

Under the Hood- You will find a 2.0: turbo four cylinder engine with 264 hp along with a 2.4 L four cylinder with 190hp and a 3.3 L V6 with direct injection that can produce 290 horsepower. Additionally, there will be a hybrid engine that will allow the car to switch from a conventional engine to an electric motor. For these engines, six speed automatic transmissions will be an option.

Behind the Wheel- The 2015 version of the Santa Fe is all about comfort. It will be designed to hold 5 to 7 adults comfortably. All the latest and newest technologies will be applied to the new edition making the drive easy and secure for the driver. The cab will be furnished in high quality materials, too. Expect to feel luxurious with the Santa Fe’s leather steering wheel, huge sun roof, adjustable leather seats, and other luxury designs.

Along with all these new perks, the Santa Fe will be continuing its reputation for being a safe car with its emergency call system, ABS brakes, traction control systems, and electronic stability control.

When they finally release the 2015 Hyundai Santa Fe, will you be going to our local NJ car dealer to check it out?

Get the Right Car with Auto Dealers in NJ

Are you looking for a new car to suit your lifestyle? Here at Autoland, we have vehicles to fit any customer's needs. Whether you are part of a family in search of a comfortable, roomy SUV or a young single looking for a sporty ride, we will work with you to find the perfect vehicle -- one that will last for years to come.

Our auto dealers in NJ will show you a new way to buy a car. Instead of taking you to the most expensive automobiles on the lot, our experienced and knowledgeable salespeople will direct you towards a car that is appropriate for your lifestyle and budget. With many years of service in the auto industry, our NJ car dealers know how to match the person to the car for optimal satisfaction.

Working with our customers to really understand their needs builds a level of trust that allows us to better serve them. After the car has been purchased, we're there to provide maintenance, service and advice on add-on features. With this kind of relationship between our dealership and clients, Autoland is happy to have one of the highest customer satisfaction rates in the state.

Let us work with you to find the car that you'll love to drive. While it may only take a day to choose the vehicle you want, you'll be driving it for a long time to come, so the decision should be made carefully.

Come prepared with some questions for the dealer:

·         What kind of financing options do they offer?

·         How much does the warranty cover?

·         Do you get any extras?

·         What kind of amenities does it have?

·         What's the best car if you want good gas mileage and lots of space?

·         How many airbags are there and where are they located?

·         What's the towing capacity?

·         How does it handle in slippery conditions?

These are just some of the types of questions to consider and depend greatly on your particular needs and set of circumstances. The next most important part of the process is the test drive, which will allow you to determine how comfortable you are in the car and pinpoint any issues that you might have before you sign any contracts.

Call us today and we'll set up a time for you to test drive the vehicle that you've been waiting for. With our expertise and long-standing reputation, you can be sure you're getting a great car from a quality dealership that will take care of you.

Shopping for a Car? Find Auto Dealers in NJ!

When shopping for a new car, we know how important it is for you to find a reliable dealership with dedicated service every step of the way. That is why we at Autoland go above and beyond to ensure that everybody who steps into our dealership to purchase a new car feels as though they are the only customer in the showroom. Our vehicle experts and sales representatives will go do whatever it takes to put you behind the wheel of a car that you will love and that is also within an affordable price range for you.

Of course, the first step to buying a new car is knowing what you are looking for. That is why our trained experts and staff are always on top of the game when it comes to being knowledgeable about each and every one of the vehicles on our sales floor. Regardless of what you are looking for in your next vehicle, a dedicated member of our team can make sure that they can match you up with a car that meets your needs. From there, we can get behind the wheel to give each vehicle you are interested in a personal test drive.

If you have any questions along the way, rest assured that you can turn to our staff for the answers. Whether you are curious about vehicle specifications, financing options, or general information about our dealership, you will not have to wait for an answer.

Our dedicated service does not stop once you have made a vehicle purchase. As the months and years pass, you will find that our auto dealers in NJ still offer unmatched expertise and service, whether you need something as simple as an oil change or are even looking to trade your vehicle in at any point down the road. At Autoland, our main goal is to ensure that you will continue to receive the best assistance when it comes to all of your vehicle needs, so be sure to stop by and check out our vehicles when you are in the market!