Leasing Versus Buying: What’s the Best Choice?
Lease, or buy? This is a question many consumers ask when they are considering a new car. While both seem like a big undertaking, they both come with desirable advantages. Looking at both options, the best way to go is to decide which option will better fit your lifestyle and your needs, and then consider what each offers financially.
Leasing is a great option for those who enjoy staying up-to-date with the latest in car technology and auto trends, and aren’t certain of what their lifestyle needs will be yet for the years to come. Financially, leasing offers lower monthly payments and more flexibility when it comes to upgrading your vehicle, and is less of a commitment as compared to buying a vehicle.
When it comes to releasing, for example, someone with a steady career decides it’s time for a vehicle that is more family friendly for taking trips, transporting kids, or simply needs more room for a growing family; It would be easier to make the transition when you stay with the brand you love. Going from a Civic or the Accord and into an Odyssey or a Pilot is financially seamless and is a stress-free process because you’re already a part of the Bianchi Honda family.
At the end of the lease, there’s the option to upgrade the lease into a newer model with more current technology, change vehicle models with your changing lifestyle, or opt to buy a new vehicle that time around. You can even buy out the lease, which creates an asset for you and keeps you in the vehicle you’ve come to know and love at the price guaranteed to you at the beginning of the lease.
Leasing allows a short-long term commitment as opposed to buying, allowing families to save money and to keep positive equity in your vehicles. The example can also be reversed when the kids have flown the coop and you’re ready for something that will be great for traveling, commuting, or retirement.
Buying is a great option for people with steady lifestyles who may take more time to decide on a vehicle because they plan to drive it for a longer period of time, or potentially pass it down to their child when they come of age to drive.
Financially, purchases are an investment. Because Honda vehicles typically hold their value, it makes sense to buy when you’re committing to a vehicle you plan to own for 5 or more years. With a reliable service department on a quality Honda vehicle, your vehicle will have a good life expectancy. Once you’ve paid off your vehicle, you’ll be debt-free of the vehicle and will have more room in your budget for savings, additional vehicles, or whatever else you may have your eye on.
When the time comes for upgrading a purchased vehicle, owners have the option to trade in their current vehicle for a new one that will fit the next chapter of their life. Purchasing a vehicle also allows more opportunity for customizing your vehicle with Honda Genuine Accessories without worrying about transferring or replacing them into a new car in just a few short years.
All in All:
Whether you lease or buy from Honda, you know you’re getting a great vehicle for a fair price either way you strategize your finances. Our best recommendation is to get with one of our award-winning sales consultants to help you find the right car that fits your needs and your budget.