As if it isn’t hard enough to decide which vehicle from the Honda line-up you’d like to drive off in, making the decision to buy a Honda vs. lease a Honda can be even more difficult. Any of our sales professionals at Greenwich Honda are more than qualified and ready to help you make this decision. When you are deciding whether to buy a Honda vs. lease a Honda, there are several factors that come into play such as (but not limited to) your specific financial/credit situation, the amount you can afford to pay each month and whether or not you are the type of person that likes to make modifications on your vehicle.
Drive the Vehicle at Its Prime
In a lease, you contract to enjoy a new vehicle for a specified period of time. You can also choose to lease one of our premier Honda Certified Used Cars.
Less Cash Up Front
One of the biggest advantages of a lease is that it does not usually require a substantial down payment. In many states, you can even pay the sales taxes as part of your monthly lease payment, rather than in a lump sum.
Lower Monthly Payment
If the finance period is the same, your monthly payments will generally be lower when leasing (vs. traditional financing) because your payments will be based on the vehicle’s estimated depreciation. (You are contracting to use a portion of the car’s value, rather than buying the entire car).
A New Car More Often
A short-term lease makes it easy to drive a new car more frequently. Plus, if life changes demand a larger or smaller car in a few years, a lease can make it easier to plan and adapt.
Guaranteed Future Value
You don’t have to worry about resale value. If your car depreciates more than the estimated residual value in your lease contract at full term, you can turn it in at the end of your lease term. But if it’s worth more, you can purchase it.
Tax Advantage for Business Use
People who use a lease car for business may find larger tax deductions with leasing than with buying a vehicle. Check with your tax advisor.
Get the Most Out of Your Vehicle
If you typically keep your vehicle for five to 10 years, then traditional financing may be your best option. With our competitive rates and flexible terms, Honda Financial ServicesSM just may be your best choice in financing your new vehicle.
Payment by payment, your ownership equity may increase. And the longer you drive the vehicle after your contract is complete, the more value you derive from your investment.
No Restrictions on Mileage
This is important to consider if you drive more than 12,000 to 15,000 miles per year.
Make Changes to Car’s Appearance
You can alter the interior or exterior to suit your taste (though your choices may affect the resale value).