Should I Buy or Lease?

Finance Paperwork with Glasses
 

“Should I buy or lease a car?” That’s one of the biggest questions some Freehold drivers grapple with when it’s time to move on to their next vehicle. There are pros and cons to both options, and our finance department wants to help you stay informed, so let’s take a look at what you should consider when deciding whether to buy or lease.

 

 

Buying vs. Leasing – Advantages of Buying

If you buy a car, you’ll own it outright with no strings attached once you finish paying it off. That gives you the freedom to modify, customize, or sell your vehicle however you want without needing permission. You can drive as many miles as you want along our Toms River roads without worrying about mileage restrictions, too.

Buying also allows you to choose your loan terms and down payment if financing. This lets you find a monthly payment that fits your budget. You can even pay in cash upfront if you want complete freedom.

Leasing vs. Buying – Advantages of Leasing

The main advantage of leasing is lower monthly payments compared to buying since you’re only paying for the vehicle’s depreciation during your lease term. This makes leasing more affordable if you want a nicer or more expensive car.

Leasing also requires little to no money down in most cases. All you pay is the first month’s payment plus taxes and fees. This gets you driving the latest model every few years without a hefty down payment. At the end of your lease, you just turn the car in rather than having to worry about selling or trading it in. This is great if you don’t want the hassle of eventually getting rid of a used car.

Should I Buy or Lease a Car?

If you’re wondering, “Should I buy or lease a car?”, consider the following to help you make your decision:

  • Do you drive more than 15,000 miles per year? Buying may be better since leases limit your annual mileage.
  • Do you like changing cars frequently? Leasing allows switching cars every few years.
  • Can you afford higher monthly payments for buying? Leasing may stretch your budget too thin.
  • Do you have money for a down payment? Buying often requires 10-20% down.
  • How long do you plan to keep the car? Leases are for 2-4 years usually.

Talk to Honda Universe of Lakewood About Your Options

The helpful finance managers at Honda Universe will walk you through the pros and cons of buying vs. leasing. They’ll explain lease terms and pricing in detail so you can make the best decision for your needs. We make the whole process easy so that you can get pre-qualified for financing before you even leave your home. And, if you found this post to be helpful, check out our other car buying tips. We’re conveniently located near Jackson, so visit us today to start the journey towards your next new Honda!

 

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1085 Ocean Ave (Route 88), Lakewood, NJ, 08701
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