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Should I Buy or Lease my Next Vehicle?

2021 Honda Pilot on the Beach

You’re ready to have a new car from Apostolakis Honda, but you may be debating whether to lease vs buying a new car. The answer can depend on your unique situation. The question “should I buy or lease?” is one of the most common questions that Warren drivers bring to our finance center, so we’ve written this helpful guide. 

Lease vs. Buying: Long and Short-Term Costs

If you’re choosing between a lease vs. buying, keep in mind that they have different costs over time. Depending on your financial situation you may prefer one option over the other. We’ve explained the difference in detail here:

  • Leasing offers lower monthly payments. If you have less access to money in the short term, this can be the better option. There are also less costs from taxes, and you won’t have to pay a down payment. Keep in mind that you won’t own the car, so the only way to stop paying is to end your lease. However, that does come with some benefits. For instance you can start a new lease every few years. Your payments won’t change, and you won’t have to worry about service or repair costs as you consistently switch cars.
  • Buying gives you a chance to eliminate your monthly payment entirely. Buying used is often more affordable than leasing a new vehicle. Once you pay off a purchased vehicle you will no longer have monthly payments, so in the long term you save money. However, you do need to make a down payment, and repair costs will grow as a vehicle ages.

The Bottom Line: Most Boardman drivers only keep their vehicles for an average of three years. Everyone wants to get the latest features. If you plan on switching your car frequently, leasing is probably the better option. If, instead, you can take the upfront cost and want to save money in the long term, connect with our finance team to explore your options for buying. 

Lease vs. Buying: Mileage & Restrictions

  • Leased vehicles come with strict restrictions on mileage and other features, similar to those when renting a home. If you break these restrictions, you’ll have to pay a fee when their lease term ends.
  • Bought vehicles won’t have any mileage limits or restrictions, but you will be responsible for the outcome of irresponsible behavior.

The Bottom Line: How do you plan to use your vehicle? If only for short commutes where you won’t accrue a lot of mileage, then a lease would be suitable for you. If, instead, you’ll be going on long trips out of Boardman on the weekends, purchasing your vehicle would be better.

Lease vs. Buying: Complete Ownership and Customization

  • When you buy a vehicle (or finance its full cost), you can add whatever accessories you want to the vehicle. Because it’s yours, you can modify the vehicle any way you like, even with custom parts or upgrades. Although, doing so may void your warranty.
  • When you lease, the vehicle isn’t yours. You’ll need to maintain the vehicle as close to factory condition as possible. The dealership needs to be able to resell the vehicle once you return it.

The Bottom Line:  Many people treat performance driving and vehicle customization as a hobby. If that sounds like something you’d be interested in, leasing will make it difficult.

Lease vs. Buying: Freedom, Options, & Processes

  • Buying offers flexibility. You may be making payments based on a contract, but you can sell or trade the vehicle whenever you like (as long as the vehicle is worth more than you owe). It’s also possible for you to refinance the vehicle for a lower rate, and you can keep the vehicle for as long as you like.
  • Leasing is convenient and easy. All you have to do is take good care of the vehicle while you have it. Then, you can drive it back to our lease return center at the end of your term and return home in a new vehicle. If you grow attached to the vehicle, you may even have the option to buy out the lease, which will allow you to take the leased vehicle home for good.

The Bottom Line: The simplicity of leasing is a major draw for many people, and it leaves the option of purchasing the vehicle. If you’re comfortable maintaining and then reselling a vehicle, trading in a purchased vehicle can help you purchase a new vehicle. 

Come to Apostolakis Honda and Explore Your Leasing and Buying Options!

We hope that now you have a better idea of whether you want to buy or lease your new vehicle. If you still have questions, feel free to contact us and we’ll happily answer them. Don’t miss our new car specials either!

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