When you’re in the midst of contemplating your next set of wheels for your trips throughout Vista, Escondido, San Marcos, and Carlsbad, California, you’ve got quite a few decisions to make. Figuring out which model is right for you is one thing, but choosing the path you want to take with leasing vs. buying is another.
At Norm Reeves Honda Superstore Vista, we’re here to help drivers learn more about the various ways that they can get behind the wheel. Determine if you want to finance or lease!
It always feels good to own something, especially a car. When you buy a car, you can do whatever you want with it! You can give it a paint job, add some accessories, or take it on a cross-country road trip to see the sights!
Buying a car requires a down payment of up to 15 to 20 percent of the vehicle’s value–or more if you want to reduce your monthly payment. However, you’ll have the vehicle for several years, and when you’re ready to move on to your next car, to can sell or trade it in.
If you need a car, but you’re not quite ready to finance or commit to ownership, you can always lease it. Leasing is a process that allows you to rent the vehicle for a few years. You don’t own it, but it’s yours to drive for a term.
This process doesn’t require a considerable down payment; in addition, the monthly payments could potentially be lower than when you finance. Leases also include a few sets of warranties, so you’ll have a few months of complimentary service and maintenance.
Whether you decide to finance or lease, you should know the odds and ends of each automotive decision. When you finance, there’s some responsibility involved. Once your warranties run out, you’ll need to ensure that you’re keeping up with service, which can become more significant and involved later in a vehicle’s life.
When you lease, you’ll want to make sure that you’re taking care of the car and turning it back in in its original condition. There’s also a mileage limitation with leasing a vehicle, so you’ll want to be mindful of any trips. Each additional mile over budget will add to the lease closing fees.
It depends on how you drive and how long you plan to keep your vehicle. Buying is a better fit if you plan to keep your car long term and want full ownership. According to Experian Automotive, leasing typically offers lower monthly payments than buying because you pay only for the vehicle’s depreciation during the lease term, while buying builds equity and removes mileage limits over time.*
In many cases, yes. Lease payments are often lower because you are paying for the vehicle’s depreciation during the lease term, not the full price of the car.
When you buy, you build ownership over time. You can drive as much as you want, customize your vehicle, and eventually eliminate monthly payments once the loan is paid off.
Now that you understand the differences between leasing and buying, you can decide which path fits your needs. If you’re ready to move forward or want to explore your options in person, contact us at Norm Reeves Honda Superstore Vista. Browse the inventory, schedule a test drive, and find a Honda that feels right for your daily drives around Vista, Escondido, Oceanside, and Carlsbad.
*Source: Experian.
