Should I Buy or Lease?

Finance Paperwork with Glasses

After you have selected the new Honda model that will best suit your needs in the Hammond area, you’ll be faced with the question, “Should I buy or lease?” Deciding between a Honda lease vs. a finance contract depends on what you want and how much you can afford. This leasing vs. buying guide from the experts in the Finance Center at Mike Whatley Honda will help you choose the option that is the right fit with your lifestyle and your budget.

Benefits of Buying

Should you lease or buy? When choosing between a Honda lease vs. finance contract, Hammond drivers should take a moment to learn about what each strategy is, and what their benefits are. When you finance, you take a loan covering the full value of the vehicle with the intent of ownership. Let’s take a look at some of the unique benefits of financing:

  • No Mileage Restrictions: A car lease agreement includes strict mileage limits, so if you plan on driving a lot around Collins, buying is the better option.
  • Financing Options: Applying for financing is often a simpler process than leasing, even for those who have a low credit score. You will also have the ability to refinance your loan to reduce your interest rate and monthly payments over time.
  • Less Cost Over Time: While you will pay more upfront when you purchase a car, the vehicle will become less expensive to own the longer you have it.
  • Total Ownership: When you buy a car, you can upgrade, modify, or customize it however you wish, and you are free to sell your car whenever you like.

Benefits of Leasing

So what are the differences between a Honda lease vs. a finance contract? When you lease, you get access to a vehicle for several years, and your loan goes to cover the estimated depreciation that will occur over your lease term. While you don’t get to build equity like you do when you finance, leasing is much easier on your monthly budget. Benefits of leasing include:

  • Lower Payments: A car lease typically comes with a lower down payment or no down payment at all, and the ongoing monthly payments will be more affordable than what’s required with a vehicle purchase.
  • Less Sales Tax: In most states, you will not have to pay any tax upfront when you lease a car.
  • Warranty Coverage: All scheduled vehicle maintenance will be covered under your lease agreement. As long as you stay within the required mileage limit, you won’t have any out-of-pocket expenses for routine maintenance services.
  • Upgrade Option: At the end of your lease term, you have the option to upgrade to a brand new model with all of the latest bells and whistles. All you have to do is stop by our dealership near McComb, pay any remaining fees, and drive away in a vehicle equipped with the most up-to-date amenities and tech features.

Learn More About Your Honda Lease vs. Finance Contract Options

Should you buy or lease? It is important to weigh the benefits of each and determine which is the better fit for your needs. The finance team at Mike Whatley Honda is happy to help you explore your leasing vs. buying options, so you can make an informed decision. Make sure to check out our new vehicle specials and current offers and incentives to find some of the best lease and financing deals in the Brookhaven area. Should you have further questions, please don’t hesitate to reach out to us. While you’re here, take a moment to read about how to sell your car to a dealership. Also, be sure to explore our guide on lease-end return options!

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