Should you buy or lease your Honda?
Many drivers don't consider leasing when thinking about getting a new car, but the option is right for certain customers. At Troy Honda, we're happy to discuss your buying and leasing options with you. Here is a basic introduction to buying and leasing that will help you be prepared for your conversation with our staff.
It may seem obvious, but when you buy a vehicle, you own it. You can keep it as long as you like, do whatever you wish with it, and it is your responsibility to sell it when you're done with it. When you lease a vehicle, you don't own it. You are simply using the vehicle. You must follow lease restrictions (like mileage caps) and return the vehicle when your lease is up, and you have no equity in the vehicle.
Part of the allure of leasing is that the payments are usually lower than when you buy. That's because you're only paying for the depreciation on the car while you're driving it. Car loan payments when you buy a car are higher because you're paying to purchase the entire vehicle and have equity in the car, as well as the ability to sell the vehicle when you're done with it.
We briefly mentioned mileage above. When you lease a car, you have a limit on the number of miles you may drive. The exact number of miles will be determined during lease negotiations with Troy Honda. You pay for any miles exceeding the limit. When you buy your vehicle, you're free to drive as many miles as you wish!
Wear & Tear
Most leases hold you responsible for excessive wear and tear on your vehicle. You will have to pay extra charges for anything that is considered outside of the normal wear and tear you'd expect to see on a vehicle. If you own the vehicle, you won't be charged for any wear and tear, although it may affect the resale value.
You don't own a leased vehicle so it's not yours to customize. If you like to make your vehicles your own, you'll probably want to consider buying instead. When you own your vehicle, it's yours to customize however you want!
Contact Troy Honda today to find out more about buying or leasing a vehicle with us in the Troy area. We look forward to helping you make the choice that is right for you and helping you find a Honda vehicle you'll love.