Should You Lease or Purchase?

January 2nd, 2013 by

A Happy Middletown Honda CustomerThere are already loads of choices drivers have to make when looking for their next car, but one of the first ones you should think about is one many drivers don’t even consider: lease or loan? I’ve run into quite a few drivers who have lived their life buying car after car, either unaware of or never considering the benefits of a lease.

Alternately, there are some nice benefits to owning a car outright too. Give me a few minutes of your time while I explain some of the benefits to either method of acquiring a new car. It’ll make your next car search all the easier.

The Benefits of Leasing

One of the most common reasons I have found that drivers lease their vehicles is that it is simply more affordable. Not only are monthly payment on a lease often significantly lower than on a finance agreement, but unexpected expenditures become a thing of the past.

Any kind of normal wear and tear is often covered under your lease agreement, so you will not have to worry about having to pay out of pocket if you have unexpected car troubles.

The other big plus is for drivers who like driving a new car. The terms on a lease can be as short as two years at times, making it easy to keep up to date on the latest in automotive technology by switching cars every few years.

An Argument for Owning

All of the versatility that comes with leasing has one very obvious downside: you don’t own the car. Like renting a house instead of owning it, it is money that you could be investing instead of paying to someone else.

Once you’ve paid off your car’s finance agreement, it belongs to you, to do with as you please. You’ll also have the freedom to do any kinds of modifications you want, a luxury unavailable on leased vehicles.

One of the most advantageous parts of owning your own vehicle, though, is that you won’t have to worry about any fees for driving it. If you are leasing a vehicle and drive it over the monthly allotted miles, you’ll usually be hit with some pretty hefty fines. You can drive your car all day and night without fear of fines if you finance to own.

Have Questions? We’ve Got Answers!

If you’re unsure whether leasing or financing is for you, visit Middletown Honda today and talk with one of our finance experts. They will be more than happy to go over your options with you. While you’re here, take a spin in a new Honda; you might have a hard time driving home in anything else, though, lease or finance.