There are many decisions to make when it comes to putting a new vehicle in your driveway. Along with narrowing down the make and model that you desire, you have to decide whether leasing or buying the vehicle is the best option for you and your budget. You rely on your car to get you to and from work, weekend activities, and more, so it’s important to make sure you find a vehicle that fits your specific needs and a financing plan that fits your lifestyle. There are a number of differences between buying and leasing a vehicle, and each option has its own set of pros and cons. At Rock Honda, we’ve enlisted the help of the experts in our finance department to provide you with the benefits and drawbacks of each, so you can narrow down whether to lease or finance at our dealership.
You own the vehicle
No mileage limits to adhere to
Can customize or modify the vehicle as you please
Ability to trade the vehicle in
Substantial down payment
Vehicle quickly loses resale value
Higher payments than leasing
Interest on monthly payments
Responsible for paying for repairs
Potential for negative equity
Low down payment
Lower monthly payments
A new car every 2-3 years
Car repairs are covered under warranty
Can incur extra fees if you exceed mileage restrictions
Can’t modify the vehicle
No potential for building equity
Have to maintain quality of a new vehicle
It all comes down to what you need from your vehicle, and the type of driving that you plan on doing. If you won’t be putting much mileage on the vehicle, getting a Rock Honda Lease from our dealership may be the best option for you. Think of a lease as a long-term rental. You’ll have to keep the car in top shape, but after about three years, you can get behind the wheel of an even newer Honda model.
If customizing your vehicle to fit your specific needs and desires is more of what you’re interested in or if you’re a high-mileage driver, your best bet is to purchase the vehicle outright. By opting to purchase the car, you can even help out your own credit score. If you’re still unsure or have some questions that haven’t been answered, the friendly and knowledgeable staff at our finance department is available to help. For more information or to get your car-buying or leasing process started, Contact Rock Honda.
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