Should you lease or buy your next Honda?
When you’re looking to buy a new vehicle, one of the choices you must make is whether to lease or buy the car. Both are great options, depending on your circumstances. Our staff at Honda Cars of Bellevue is ready to talk to you about your options and help you make the best decision based on your lifestyle and driving habits. If you’re just starting to consider your options, here are some things you should ask yourself.
What is my budget?
Buying a vehicle usually includes more money down and a higher monthly payment since you are paying the full cost of the vehicle plus the interest on your loan. With leasing, you sometimes have to put money down, but you’ll typically have lower monthly payments for the same vehicle. Of course, you’ll never be able to drive the vehicle payment free in the future since you’re not working towards owning the car.
Do I like to customize my vehicle?
There are strict restrictions on what you can do to a car when you’re leasing. It’s similar to renting a house. You’ll be expected to leave the vehicle in the condition you found it in or face penalties. If you take pride in making a vehicle your own, you’ll want to consider buying instead.
What is my commute like?
Lease agreements usually include mileage limits. You’ll pay a penalty if you go over the mileage limit. For those who have long commutes to work or like to take road trips, leasing might not be the best option. If you tend to put fewer miles on your car, leasing might be for you.
Do I want to pay off my car and drive payment free?
As mentioned above, you will not own your car at the end of a lease agreement. When your lease is up, you’ll return the vehicle to the dealership. When you’re done paying off your car loan, you will get the title and the vehicle will be yours to drive payment free as long as you wish.
Do I like to always have a new vehicle?
On the flip side, if you always like to have the latest and greatest in your vehicle and rarely keep your car through the life of a loan, leasing might be a great way for you to have lower monthly payments and always drive a new car.