Financing Choices: Should I Lease or Buy a Honda?

Buying or Leasing: Get Assistance with Your Choice from Basney Honda


Buying or leasing your Honda vehicle is a big decision. We realize that many car shoppers may not feel like they have the necessary information to make that choice. Luckily, Basney Honda, located at 3820 N Grape Road in Mishawaka, IN, has the answers you need.


 

Consult with Our Experts: Buying vs Leasing FAQs

Folks who lease their vehicle will discover that the path to the lowest monthly payment lies within this solution. This is the case because you are only paying for the expected depreciation of the vehicle when you are leasing, not the entire cost. Meanwhile, financing breaks down the cost of the vehicle into monthly installments. When you finance, you will build equity in the car, truck, SUV, or minivan when you pay off your auto loan.
The truth is that people who buy or lease their new vehicle at Basney Honda will get tax benefits with either option. You can contact a member of the finance team at our dealership to learn more about these specific benefits.
The cost of maintenance for a leased or purchased Honda vehicle is often the responsibility of the customer. That being said, auto repairs will always be covered by the manufacturer during your lease period, provided that you stay within your mileage limitations. Meanwhile, car repairs during financing will only be covered by the manufacturer during the warranty period. The customer is responsible for the costs once the warranty expires if they don’t purchase an extended service plan from our finance center.
Because most insurance providers require more coverage on a policy covering a leased vehicle, you will often pay a higher premium than you would if you purchased the car.
Leasing typically requires more comprehensive and collision coverage, so it can often make it more expensive than insuring a purchased vehicle.
Leased and purchased vehicles both depreciate over time. A lessor sets the expected value at the end of the lease agreement. This is called the residual value. It is used to calculate monthly payments. The higher your residual, the lower your monthly payment. A purchased vehicle starts depreciating the moment it drives off the lot by about 10 to 20% in the first year.
You are not obligated to buy your vehicle at the end of the lease agreement. Once your lease ends, you can buy the car, but you can also lease something newer, buy a new or used vehicle at our dealership, or turn in your keys and walk away.
  

Since we know that car shoppers count on us to be their resource when they make this choice, we are here to be your guide. Below are some FAQs that many customers have about buying or leasing that we feel might make the choice easier for you.

Contact Our Dealership

Whether you are interested in buying or leasing your new Honda car, truck, SUV, or minivan, the team at our dealership is happy to provide folks with the information they need, as well as the tools to complete their car buying process from the comfort of their own home.

Our online credit application will provide you with the chance to apply for your auto loan or Honda lease without ever needing to leave your living room. You should also view all of our financing deals and lease offers to see what is available.

Contact Basney Honda with any questions about buying or leasing, or fill out our online credit application today.

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