Should you buy or lease your Honda?
When looking for your next vehicle, consider leasing as an option. Depending on your lifestyle, leasing a vehicle may be a better than buying one. However, it can also be the other way around. 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 and do whatever you wish with it. However, 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.
When looking for a new vehicle, leasing a vehicle is usually the more affordable option. This is 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. So, if you’re a Troy driver on a budget, leasing may be for you.
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. On the other hand, 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 purchase a vehicle, it's yours to customize however you want!