Should I Buy or Lease?
Should You Buy or Lease in Elmhurst, IL?
If you’re wondering whether to buy or lease a new Honda, we totally understand how you feel. Here at Honda on Grand, we regularly help customers decide between the two options, and we know there are definitely major benefits to both buying and leasing. If you aren’t sure which option to choose — or if you’re not sure of the difference between the two — we’re here to help. Below, we’ve listed three pros for each option, showing you which is better for flexibility, which is a better choice if you want a long-term investment and more. Read through this guide to decide whether buying or leasing a vehicle is better for you.
Why Lease a Vehicle?
Moderate Monthly Payment
If you’re shopping for a new Honda on a budget, leasing might be a good choice for you. Just like when you rent a home, when you lease a Honda, you commit to making monthly payments on the vehicle until your lease expires. At that point, you can either return the vehicle to our dealership, buy it outright or start a new lease on another Honda. Since your lease payment can be less per month than if you were to finance a car, you may find that leasing fits your budget better than buying a vehicle. New car prices are rising and vehicle technology is only getting more innovative by the year, so you might want to consider leasing if you want to pay less per month while still enjoying the best a new car has to offer.
Lifestyle Flexibility
If you work from home, you may not have to drive every day, which means you may be looking for an option that provides more flexibility than vehicle ownership. Leasing offers this flexibility, as it gives you access to a car without forcing you to commit to a long-term purchase. You’ll be allowed to drive 10,000-12,000 miles per year (depending on your terms) during your lease period, which is usually two or three years (24-36 months). You may find, however, that you don’t even use up all these miles if you live in a big city with public transportation or work from home (or both). If you expect to travel during your lease, you can purchase more miles at signing to stay covered just in case. Plus, once your lease is up, you don’t have to worry about selling or trading in your model! All you have to do is return it to our dealership (or buy it if you can’t bear to part with it!).
Warranty Protection
Since your lease period will likely last between 2-3 years, you’ll enjoy the benefits of your leased vehicle’s warranty for your entire lease period! That means that not only will you get to drive a new Honda, but you’ll also have peace of mind, knowing that manufacturer defects and other qualifying repairs are covered under an active warranty. Depending on the warranty, you may also get other perks such as complimentary maintenance on select parts of your model.
Why Purchase a Vehicle?
No Additional Fees
Leasing is a great option, but it’s important to be aware that a lessee is liable for excessive wear and tear, driving more miles than their lease terms allow and leaving their contract early. If you decide to lease, you will likely end up paying fees at the end of your lease period. Plus, if you’ve added any customizations or caused any damage to the vehicle, you’ll be held financially responsible for the costs of getting the vehicle repaired and customizations removed. When you choose to buy, you can enjoy your vehicle however you want, without having to worry about any extra fees!
Financial Flexibility
While the financial commitment of buying a vehicle may seem daunting, there are many ways that you can alleviate these costs, both in the long- and short-term. On the front end, you can reduce your monthly payments by saving up and making a large down payment on your vehicle at signing. You can avoid interest payments by paying cash, or you can apply for credit and our finance specialists here at Honda on Grand will help you find the financing option that works for you. Take a look at our new car specials as well to save even more! Keep in mind that by buying your vehicle, you’ll end up with a better long-term investment. Every dollar you put into paying for your vehicle is secure when you buy, and ultimately, your payments go towards your ownership of the vehicle.
True Freedom
You can enjoy true freedom when you buy your new Honda. If you’re dreaming of customizing your Honda to your heart’s desire — with new tires or rims, a custom paint job, a lift kit, etc. — you’ll have the ability to do so without asking permission when you own your vehicle. You can also drive as many miles as you please without worrying about mileage limits. Ownership brings responsibility, but it also brings autonomy and independence that you can’t fully experience in a leased model. Choose to buy your next Honda if you want to feel totally free to make your car your own.
If you’re ready to be the proud owner or lessee of one of our new models or are interested in learning more about your lease-end options, feel free to contact us online or visit Honda on Grand at 300 W. Grand Avenue, Elmhurst, IL 60126. Remember, a member of our team is just a phone call away if you’d like to talk through your options instead! We look forward to serving customers from Elmhurst, IL, near Addison, Chicago and Villa Park.