Honda Finance Guide: Leasing vs. Buying

Even though it’s been ongoing for generations, the debate over leasing and purchasing a vehicle has yet to be settled. That’s because the choice between the two is an individual decision that depends on personal preferences and available resources. Luckily, our resident experts know everything about Honda finance, and they can help you choose the option that’s right for you. Here are a few of the benefits of each, courtesy of Lester Glenn Honda.

Reasons to Lease

Whether you want a sedan or hatchback like the Honda Civic or an SUV like the Honda Pilot, you may want consider leasing the vehicle. Since you only pay for the depreciation an automobile suffers throughout a lease rather than its full purchase price, leasing typically means your upfront costs and monthly payments will be lower than they would be otherwise. Along that line, leasing may enable you to step up to a higher model or trim.

Leasing is a smart move for motorists who simply must have the latest technology and safety features. A lease agreement typically lasts 24 to 48 months, freeing you up to get a new car every few years. It’s also a good option if you’re concerned about repair costs because most leased cars are covered by a warranty while their contracts remain in force.

Benefits of Purchasing

Financing a vehicle gives you a lot of extra freedom in comparison to a lease. Whereas you have to return a leased vehicle at the end of your lease agreement, you get to keep your automobile once you pay off your auto loan. Once you settle your loan, you’ll own your car outright, enabling you to keep the vehicle or sell it at will. As you near the payoff date for your car loan, you won’t have to worry about incurring any additional fees, such as penalties.

Additionally, every lease agreement includes a mileage cap and a mandate that you maintain your leased vehicle in good condition. If you accumulate too many miles or your leased car suffers excessive wear and tear, you’ll have to pay a penalty when your lease agreement expires. Purchasing a vehicle comes with no such restrictions.

Explore Your Honda Finance Options with Us

If you’re struggling to choose between a Honda lease or loan, the professionals at Lester Glenn Honda can help. Visit our Sea Girt, NJ Honda dealership for any assistance you might need today. We look forward to speaking with you soon.