Interested in a Leasing vs Financing a Honda?

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Leasing vs Financing a Honda Berrien County MI

Benefits of leasing a Honda

It’s clear when you go in to lease a vehicle that one of the key reasons behind opting for a lease is lower monthly payments. There’s a reason it’s so much less expensive per month compared to buying a new model. Essentially, when you lease a vehicle you are only making payments against its depreciating value, rather than the overall value of the vehicle.

Aside from lower monthly payments, are there other benefits to getting a lease for your new Honda? One is that you aren’t locked into any single model for the long term. Most lease terms are for just 36 months, which gives you plenty of time to decide if you enjoy the way it drives. Many times you’ll have the option to purchase the vehicle at the end of the lease agreement, but you are under no obligation to do so.

One final benefit? The fact that you’ll never find yourself in an older car. You always have the latest and greatest features, plus you always have a manufacturer warranty to cover any defects.

Benefits of buying a Honda

There are plenty of great things about leasing a vehicle if you’re concerned about your budget or are all about early adoption of new features. So why choose to buy a new Honda? One obvious answer is that there is an end date to monthly car payments. If you purchase out of pocket instead of leasing, that end date is right when you hand over a check. It’s simple, it’s easy and it’s yours.

Other benefits include modifying the vehicle in any way you want once the warranty term is over, not being held back by mileage limits and not having to concern yourself over fees should you cause anything that might be deemed unusual wear and tear. One other consideration? Car insurance. Under your lease agreement, you may be held to a higher standard for coverage than you would otherwise choose for yourself. Then again, you might be the type that wants great insurance either way.

Some downsides to buying, of course, include higher payments if you choose to finance and higher long-term repairs costs. Plus, it’s not so easy to switch up vehicles without losing value due to depreciation.