Should I Buy or Lease?

Car Key

If you’re ready to get a new vehicle to upgrade your Los Angeles commute, you may be trying to decide between leasing vs. buying. While there are benefits to both, the ultimate choice will depend on your budget and personal preferences. Learn more about the benefits of both financing and leasing in this guide from Honda World Downey.
 

 

Benefits of Buying

  • No Mileage Restrictions: A leased vehicle comes with mileage limits, so if you plan on doing a lot of driving in and around Norwalk, buying a vehicle may be the better choice.
  • Total Ownership: Once you buy a vehicle it’s yours to do with as you please. There are no restrictions if you’d like to modify the vehicle, make mechanical changes, or add custom touches.
  • Ability to Sell: Not being locked into a lease agreement means you can opt to sell your vehicle whenever you choose.
  • Financing Options: While leasing is pretty straightforward, the car financing process can often be easier to navigate, and generally open to those without stellar credit scores. When you choose to buy a car, you can also take advantage of refinancing your loan to lower your interest rate and monthly payments.
  • Less Cost Over Time: Buying a new car may be more expensive upfront, but will cost you less over time as you work towards paying off your loan. With total ownership, the vehicle becomes less expensive to own the longer you have it.

Benefits of Leasing

  • Lower Payments: Both the down payment and your monthly payments will be more affordable when leasing as opposed to buying.
  • Less Sales Tax: In most states, leasing a vehicle significantly lowers sales tax. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
  • Trade-Ins: When your lease agreement is over, the process of getting your next leased vehicle is simple. Just stop by our Downey Honda dealership, pay any remaining fees, and drive away in your next vehicle of choice.
  • Great Coverage: Warranty coverage and maintenance is included in your vehicle leasing. If you encounter any issues with your vehicle, you’re covered, as long as you don’t go over the mileage limit.
  • Options: Leasing allows you to always be behind the wheel of the newest models equipped with the most up-to-date tech features. You’ll have plenty of exciting options to choose from.
  • High Approval Rate: While you may be denied for a car loan, it is much easier to get approved for a lease, even if you have a poor credit score, or no credit at all.

Explore Your Leasing and Financing Options at Honda World Downey

The decision on whether to buy or lease will be based entirely on your personal needs and financial situation. What works for some might not work for others. Explore all of our current new Honda specials, and head over to our dealership near Whittier to find your next vehicle today. If you have any questions, feel free to contact us. The experts in our Finance Center are ready to help you calculate your monthly payments and apply for the financing you need to drive home in the new Honda car, truck, or SUV of your choice today!

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