Buying vs. Leasing at Honda On Grand Elmhurst IL
Buying vs. Leasing
When it comes time for you to obtain a new car, it’s important to consider whether to buy or to lease. So which one’s better? Well, both and neither really. It all depends on what your needs are. To help you out, we’ve compiled a list of advantages and disadvantages of buying and leasing a new car.
Advantages of Buying
When you buy a new car, it is yours to keep! This gives you a lot more freedom to customize it and keep it for as long as you desire. There are also no mileage restrictions on cars you buy, so drive as far as you’d like.
Disadvantages of Buying
Reselling your car is always a gamble. The values of cars are always changing, so you are at the mercy of fate and the economy when you try to sell it. More expensive monthly payments, coupled with a large down payment, are also deterrents to buying a new car.
Advantages of Leasing
When you lease, the car’s value is set in stone, so you know how much it’s worth. All you have to do is return it when the lease is over, so you don’t have to hassle with reselling it. For most leases, your car is under warranty for the entire lease.
Disadvantages of Leasing
Leasing limits the mileage you can put on the vehicle. That’s not the only restriction: you cannot make any major modifications either. If you want to end the lease early, termination fees can come at a high price.
By examining the advantages and disadvantages of buying and leasing, you can figure out which method works best for you.
Honda On Grand has an amazing finance department that will help you to get the right finance program that you need at some of the most competitive rates. We strive to make sure that our service exceeds your expectations. Our finance department proudly serves people from Elmhurst, Schaumburg, Chicago and many others. We hope to see you at Honda On Grand soon!