Should I Buy or Lease?
Lease or Buy
Asking yourself, “Should I buy or lease?” The answer really depends on your lifestyle and financial situation. A lease may be ideal for someone self-employed, who can write off the cost. Some people may like the fact that a lease allows you to drive luxury vehicles at a lower cost or choose a new vehicle every three years. Alternatively, if you plan to drive your vehicle for several years, it may pay off for you to buy. Take our quick assessment to determine whether you should pursue a lease vs. buying your new Honda.
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Lease vs. Buying
When trying to decide whether to lease or buy your next vehicle, you’ll want to consider a few different factors before making a decision:
- How long do you usually keep a car?: If driving new model cars is important to you, consider leasing since most leases are for 3 years or less. If you prefer to keep a car longer, buying will be your best bet.
- How many miles do you usually drive?: For drivers who stay under the 15k mark, leasing can make a lot of sense. If you drive more than that, buying will be a better choice to avoid racking up excess mileage charges.
- How much cash do you plan to put down? If you need to keep upfront costs low, leases often require little or no money down. If you can put down more, that can translate to a lower interest rate when buying.
- Do you want to customize your vehicle? If you want to personalize the appearance or performance of your vehicle, buying will give you the freedom to do that.
- Would you rather be able to sell your vehicle or have a quick return? If you want the option to sell your vehicle at any time, buying gives you that flexibility. You might even be able to pay off your loan early. With a lease contract, however, you can enjoy quick and easy returns at the end of your lease and avoid the hassle of a trade-in.
- What are your finances like? While leasing keeps initial costs low due to lower down payments, monthly payments, and sales tax, buying can be more cost-effective over time as at some point you’ll pay off your vehicle and be done with monthly payments.
Speak With the Honda of Lincoln Financial Experts Today!
Need help running the numbers and making a decision? Speak with a representative from our finance center today! We’ll be happy to answer your questions and help you find the best financial path to your next vehicle. We can also discuss our lease specials and new vehicle specials to help you find the right model at the right price.