When you’re looking for a new vehicle, the initial question that comes up may be whether to lease or to buy. It can be an overwhelming process sometimes, but Honda Morristown is more than ready to help you through it. That’s why we’ve provided this information on buying versus leasing -- because we know that there is a lot that goes into this decision. When you’ve settled on buying or leasing, feel free to contact us with any questions or concerns. We want to take care of our customers from the time they look at our website and long after they drive off our lot, and we have a variety of financial options to pick from.
Freedom of choice is one of the most enticing benefits of leasing a vehicle. When you lease, you have the option to drive a new vehicle every few years if you choose and postpone buying one. Plus, you don’t have to deal with the inconvenience of selling or trading in your vehicle. You can just wait till your lease is up and swap out your car for a new one.
The average leasing terms range anywhere from 24 and 60 months. With shorter terms, this enables you to make affordable payments. Plus, you’re able to choose your mileage. Those who lease are normally given 12,000 or 15,000 miles per year, but if you need a higher mileage limit, you’ll have the choice to purchase more miles at signing.
Since you’re only purchasing the right to drive a vehicle for a specific period of time, your financial responsibility and your monthly payments may be significantly lowered. Also, if you are not ready to put down a large down payment, then leasing may be better for you, as there are a number of leasing options that require $0 down.
Because most leases last for two to three years, your vehicle is generally covered with warranty protection for as long as you have it. That means you don’t have to worry about some unexpected maintenance or repair costs. This could save you a lot of money in the event of an accident.
When a lease ends, you simply return your vehicle and pay any fees remaining (such as for excess mileage or wear and tear) and taxes. If you’ve decided that you’d like to keep your vehicle at lease-end, you can also take the opportunity to buy it at a predetermined price. In either case, there’s no need for you to sell it or trade it in unless it benefits you.
Ownership is the top benefit of choosing to buy your next vehicle instead of deciding to lease. If you are looking to keep your vehicle for an extended time or for as long as possible, then buying is the better option for you. Plus, choosing to buy rather than lease provides you with the option to customize your vehicle to match your lifestyle.
When financing your vehicle, you don’t have a restriction on mileage like you do when leasing. You can drive as many as you like without answering to anyone, whereas leasing requires that you plan in advance how many miles you will drive each year. Ownership allows you the freedom to drive as much and as far as you desire without collecting fees.
When purchasing a vehicle, you can choose to finance or buy outright with cash. If you buy with cash, you become the owner of the vehicle right away and don’t have to worry about monthly payments. If you choose to purchase a vehicle by using a finance program, you have an extended period of time with a loan to pay off the vehicle. For the best outcome when financing, we strongly recommend that you acquire the most affordable, dependable and competitive rates possible, like what we offer here at Honda Morristown.
When you complete your payment schedule, in typically four to six years, you own your vehicle. You can keep driving for as long as you would like without any further payments, or you can choose to sell or trade at any time. Once you own the vehicle, you are no longer making monthly payments, which means you are free to put that money towards whatever you want, whether it’s making those home improvements you want, a vacation, or simply putting it into savings.
When you make your decision, give us a call or stop by our Honda Morristown dealership at 4190 W Andrew Johnson Hwy, Morristown, TN 37814 and we can help you with anything you need. We look forward to serving our customers throughout the greater Knoxville, TN, area.