A big part of being happy with a vehicle purchase is deciding what financial approach works for you. While buying a vehicle is best for some people, for others, leasing represents the best option. To help determine whether buying or leasing is the best financing option for you, Basney Honda has put together a few pros and cons to consider before coming to a decision on a Honda Civic, Honda Accord, Honda Pilot or any other one of our models.
Leasing a vehicle means that it never gets old! Vehicles rarely require major repairs within the duration of a lease. Essentially, in a leased vehicle, everything works. You don’t have to stress about when your vehicle might break down in any way and you actually have lower monthly payments than you would if you purchased your vehicle.
On the flip side, though, leasing a vehicle comes with restrictions. A lease agreement will limit the number of miles that you are permitted to put on the vehicle per year. Exceed that limit and you will face a penalty at the end of the lease. Also, leased vehicles come with wear and tear restrictions, meaning any damage beyond what’s defined as normal in the leasing contract will incur penalties as well.
Purchasing a vehicle comes with more freedom. You can put as many miles on it as you wish and make whatever modifications you want to make to your vehicle. And likewise, you have no wear and tear limits. Owning your vehicle also means that you can sell it or trade it when you wish, but it also means you have a much higher monthly payment to pay over a longer amount of time.
Both approaches undoubtedly have their pros and cons. It’s all about taking into account your personal preferences comparing them to the benefits of buying or leasing a new Honda vehicle. If you would like have any questions contact us online, or visit the Basney Honda Finance Department in Mishawaka, IN near South Bend, and estimate your monthly payments here. We would enjoy taking care of you today.