Should I Buy or Lease?

Honda Accord Driving on City Street


For Goshen shoppers looking for a new vehicle, there are multiple financial paths to take to get behind the wheel of the car they desire. Weighing leasing vs. buying is an important step to take in the shopping process to ensure you make the best move for your financial situation. When asking yourself, “Should I buy or lease,” you need to consider what your needs are, what you can afford, and what you want. Let’s take a look at the benefits that come along with financing and leasing, so you know which is right for you!

Reasons to Buy

  • Total Ownership: Enjoy total freedom when it comes to your vehicle because you own it. There are no restrictions in the way you modify, drive, or decorate it.
  • Unlimited Mileage: Without the mileage limits you get on a leased vehicle, you’re free to drive as much as you want. If you travel a lot for work or play, buying may be your best bet.
  • Personalization: Add performance parts and accessories, or customize with colors and more!
  • 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.
  • Less Cost Over Time: While the initial payout will be higher than leasing, the cost of ownership decreases over time.
Family walking to Honda Odyssey

 

Reasons to Lease

  • Lower Payments: With lower monthly payments and low or no down payments, leasing is more affordable upfront.
  • Lower 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.
  • Options: Leasing often allows drivers to afford higher trim levels and more advanced features than if they purchased. In addition, drivers can upgrade their vehicles every few years to get new tech.
  • Trade-Ins: Upgrading your vehicle is simple when you lease. Make your way to your local Middletown dealership, pay any remaining fees, and pick out your next model.
  • Great Coverage: Warranty coverage and maintenance is easy when leasing. As long as you adhere to your mileage limit, any issue that arises should be covered.
Woman walking to Honda Civic

Find the Right Way to Your New Vehicle at Middletown Honda

When choosing to lease vs. buying, you’ll want to take all of the above factors into account to learn how to buy a new car and to make sure you pick the path that works best for your financial situation. If you need more advice on which financial option to pick, feel free to get in touch with the finance center at Middletown Honda for more car buying tips!

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