Should You Buy or Lease a Vehicle?

Buying vs Leasing
 
If you're considering getting a new vehicle, you know that a lot goes into the car-buying process. You have to take both practical factors as well as your personal lifestyle in account to help narrow down your options. You'll have to make a similar decision when it comes to buying or leasing a vehicle. Both options have their pros and cons. Discover which one might best suit your needs and preferences. 

Leasing

In the short-term, leasing is less expensive, especially if you enjoy driving the latest versions of your favorite models. When you lease a vehicle, monthly payments are calculated based on the rate of depreciation rather than paying off the total cost. For example, if the vehicle had a price tag of $20,000 when you first leased it and is predicted to have a value of $12,000 at the end of the lease term, you will only have to cover the $8,000 difference. However, leasing a vehicle involves a contract that puts restrictions on mileage and may impose fees if you don't properly maintain the vehicle.

Buying

The obvious benefit to buying a car is that it's your car and you don't have to sign any contracts saying what you are or aren't allowed to do with it. However, you may be paying off a purchased vehicle for much longer or make larger monthly payments. Additionally, you don't technically own the car until you pay the whole thing off. However, once you pay off the car loan, you can keep it. In the long-run, buying a vehicle is more cost-effective if you intend to ride it for as long as possible. Plus, paying off a car is great for your credit.

If you have any questions about leasing or buying, don't hesitate to contact us at Apostolakis Honda. We can also schedule an appointment with one of our experienced Honda staff members in the Financing Department, who will help match you with a vehicle that best fits your budget.

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