If you’re ready to get the paperwork started on your new Honda model, you may be thinking: “Should I buy or lease?” It all comes down to what you feel most comfortable with and what you can afford, but that doesn’t mean that one option is better over the other as both offer their own unique benefits to Sparta Twp and Hackettstown drivers. Compare leasing vs. buying to see what finance option is the right fit for you at Sussex Honda!
Benefits of Buying
One of the main perks of purchasing your vehicle is that you’ll have complete ownership of it, enabling you to make the vehicle your own with added features and accessories. That’s just the beginning. Check out the benefits of buying your car:
- No Mileage Restrictions: If you’re driving your vehicle inside and outside of the area, you may want to consider buying. Without the mileage limits you get on a leased vehicle, you’re free to drive as much as you want.
- Total Ownership: Buying a vehicle means it’s yours completely. This means you are free to do with the vehicle whatever you please. There are no restrictions on how it’s modified, decorated, etc.
- Customization: Want to make your new vehicle stand out among the crowd? Buying rather than leasing allows you to make cosmetic and mechanical changes as you see fit. Create the car of your dreams without restriction.
- Ability to Sell: Since you’re not locked into a lease agreement, you can opt to sell your vehicle whenever you choose.
- Financing Options: While leasing isn’t a massive headache, the car financing process is more straightforward, and generally open to those without perfect, or great, credit scores. When buying, you can also refinance your loan to lower your interest rate and monthly payments.
- Less Cost Over Time: Though buying a new car is more expensive in the initial period, it is less troublesome in terms of cost over time as you work towards paying off your loan. With total ownership, the vehicle becomes less expensive to own the longer you have it.
Benefits of Leasing
Just as there are some benefits to owning a car, leasing offers its own unique perks to fit your budget. Let’s take a look:
- Lower Payments: Whether it’s monthly payments or down payments, when you lease a vehicle those costs will be much lower than buying.
- Less Sales Tax: In most states, leasing a vehicle drastically lowers sales tax. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
- Trade-Ins: When your lease agreement is over, the process of getting your next leased vehicle is simple. Head to your local Newton dealership, pay any remaining fees, and drive away in your next vehicle of choice.
- Great Coverage: Warranty coverage and maintenance is a breeze when leasing, as any issue that pops up under your warranty, as long as you don’t go over the mileage limit, is covered.
- Options: Leasing allows you to stay in the newest models with the most up-to-date tech every time you lease a new vehicle. You’ll have tons of options and will be able to find the perfect model and features for you.
- High Approval Rate: While you may be denied for a car loan, it is much easier to get approved for a lease, as even those with poor or no credit can be approved.
Find Additional Finance Resources at Sussex Honda
Now that you’ve compared getting a lease vs. buying a car, you can check out more features highlighting gap insurance or car repair financing, and great car buying tips such as financing at a bank vs. a dealership or how to refinance a car loan. No matter what option you choose, our finance team is here to answer your questions and provide any assistance you need along the way. Contact us to get the car-buying or leasing process started or schedule a test drive in your favorite Honda model near Denville!