Factors to Consider While Deciding Whether to Lease or Buy a Car from Honda of Murfreesboro
Securing affordable monthly payments for your next Honda is an important step, but you may be wondering if you should take out a new loan or a lease. These are both advantageous options that could help you drive home in your new Honda soon. However, you should know more about the bold differences between an auto loan and a lease before finalizing your decision.
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.
Benefits of Buying
You will eventually own the vehicle when you buy your next Honda with a loan. You can continue driving your Honda for as long as possible. This may be an ideal option for drivers who want to get the most value out of their Honda or who plan to hand their Honda down to a family member over the years.
- Affordable monthly payments that end in vehicle ownership
- No mileage restrictions
- Ownership for as long as desired
- The ability to customize your vehicle
- The ability to pass the car down to a family member in the future
- Potentially lower insurance costs
Benefits of Leasing
Leasing a Honda has its benefits as well. Comparatively, the monthly payments may be lower than with a loan. When the lease is up, you can return the Honda to our dealership and pick out your next Honda in a few years. With a hassle-free return process, this is an easy way to experience the benefits of a new vehicle every few years.
- Lower monthly payments than if you were buying
- Lower down payment
- A hassle-free return process at the end of the lease
- The effortless ability to get behind the wheel of the latest model every few years
- The ability to only pay for your use of the vehicle
- Your leased car remains covered under the warranty and may include basic maintenance
- The ability to drive a nicer vehicle than if you were buying outright
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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Learn More Today
Are you interested in exploring your loan or lease options in greater detail? Our financing associates at Honda of Murfreesboro are available to help you learn about the loan and lease possibilities you qualify for. Contact our financing department today for more information.
