Should You Buy or Lease Your Next Car?

When you’re ready to purchase a new vehicle, you’ll have a lot of decisions to make. One of the big choices to make early in the process is whether you’ll be buying or leasing your vehicle. There are benefits to both and we’re going over them below to help when you get you new Honda car at a Los Angeles dealer.

Monthly Payments

When you’re leasing a vehicle, monthly payments will be less. You’ll also pay less, or nothing at all, as a down payment. This can be a huge factor for those who want a never-been-owned vehicle but are on a budget. It’s also important to think about the charges when you turn your vehicle back in. If there’s any damage to the vehicle or if you’ve gone above your mileage limit, you’ll have to pay more at this time.

When you buy an automobile , you’ll be paying more for your monthly payments, but it’s likely that you’ll pay less over time. You’ll be building up equity with every monthly payment. When you’re ready for a new vehicle, you can trade yours in and put the money toward the next. Paying off the vehicle also means you’ll have no monthly payments at all which can be very freeing.

Maintenance Over Time

For those who don’t want a lot of responsibility, a lease is a great option. You won’t be on the hook for most repairs if you have a solid warranty. Keep in mind that you’ll still be responsible for the upkeep and general maintenance of the vehicle.

When you purchase instead, those repairs will be your responsibility and the cost over time is something you should budget for. The trade off is that after you finish with your monthly payments, you’ll own the car and will save that money.

Buying and Selling

When you choose to lease, you’ll be simplifying the process of buying and eventually selling the vehicle. For many customers, this is an ideal situation. Just follow the rules and guidelines laid out in your agreement. When the term is up, bring it back and you’re done.

When you choose to buy, the process will be more involved. For some, that might be a hindrance while for others it could be a positive experience that allows you to negotiate and get the deal you want on the exact vehicle you want. It also means that when you’re ready for a new vehicle, you’ll be responsible for the selling process. That could mean selling your car to another buyer or trading it in, but it will take some time and effort.  

Whether you’re buying a used Civic or looking for a new Honda Accord lease in Los Angeles, options are available to you.

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