Factors to Consider While Deciding Whether to Lease or Buy a Car from Honda of Murfreesboro
Shopping for a new car is exciting, and we know that it’s a big financial decision in your life. But buying is not just the only option to drive your new favorite car if you consider leasing it. While leasing can be expensive in the long run, it might be a great choice for you depending on your preferences.
There are a few important factors to consider while deciding whether to lease or buy a car from Honda of Murfreesboro.
Comparing Leasing VS. Buying From Honda of Murfreesboro:
Honda of Murfreesboro dealership has some incredible car leasing deals and specials on a variety of top-selling Honda models. We know that it can be daunting for customers like you to compare, learn, and decide. That’s why we have a list of side-to-side comparisons with details on benefits, differences, and specials which may help you to make a wise decision.
Here Are The Factors to Consider: Buying vs. Leasing
- costs is one major factor to consider while choosing between buying vs. leasing a vehicle. If as a customer, your aim is to get the lowest monthly payment, then you may want to choose the leasing option. Typically, car lease packages have low monthly payments, which certainly helps in balancing your budgets. In contrast to that, buying a car is associated with a loan payment unless you choose to pay off the entire car price all at once.
- Insurance Cost: Insurance payments are another cost factor that you may want to consider. Leasing option may require you to get more coverage based on the leasing dealers’ standards. Most of the time, car dealers offer lease deals with insurance and a set of listed mandatory coverage. While insurance standards may vary depending on the Honda leasing option you select, they usually include all basic coverages. You can always speak with your Honda leasing dealer to see if the agreement can include gap insurance and some other benefits at no additional cost.
- Down Payments: Another important factor to consider while deciding to lease or buy is the down payment. If you buy a car, you may have to pay a hefty down payment upfront depending on your credit score or the loan term you select. Leasing, on the other hand, doesn’t require you to make a huge down payment. It is certainly a cost-effective alternative.
When you own a vehicle, you don’t usually follow a mileage limit. This means the value for your vehicle gradually depreciates. In contrary, car or truck lease deals always have a mileage limit. This means you pay extra when you go over the mileage limit.
When you lease, your car remains covered under the warranty. Because some Honda leasing deals include basic maintenance costs, you are only responsible for the gas and insurance costs.
While some buyers find leasing deals very flexible, many buyers love vehicle ownership because of the gradual ownership benefit. Lease deals can be very appealing too, especially for those looking forward to driving swanky and new Honda models every year. Apparently, it depends on the customers’ preferences to select car leasing or buying.
You're more likely to buy
- When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. And that can really add up.
- If you like to personalize a car, this investment can be lost on a leased car.
- If you like the idea of ownership, you are less likely to be happy with the lease option.
- If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
- If the car you presently own is over 3 years old you are more likely a buyer. While not always true, you can usually drive for less if you're willing to buy and drive for at least 3 years.
- If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires.
To see the results for a person more likely to lease, Click here
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You're more likely to lease
- Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.
- When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.
- Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
- Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.
- If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.
- If you own the company, and you use your car for business, check with your tax advisor. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.
To see the results for a person more likely to buy, Click here.
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The Bottom Line:
As with any such financial step, it’s you who needs to take the decision. And when you are certain whether to select lease deals or go with the car buying option, our experts at Honda of Murfreesboro are going to assist you in every step. Our sales team will guide you and help you with your Honda leasing or buying journey, so you have an amiable experience in owning or leasing a vehicle from our showroom.
Visit our webpage and our lease specials page to learn more about our lease deals, truck lease deals, and other Honda leasing choices. When you are ready, give us a call at 615-203-8988, and an expert from our team will be of assistance.