Should I Buy or Lease?

When learning how to buy a new car, you’ll see that there are two main options to explore. Whether you’re shopping for a new car, truck, or SUV, one question you’ll need to answer is “Should I buy or lease?” While there are advantages to both, the decision will come down to what you want and what you can afford. So the first thing that Neptune Beach car shoppers will need to do is take a close look at their personal preferences and budget. Review this lease vs. buying guide from the finance specialists here at Honda of the Avenues to find out which option works best for you.

Benefits of Buying

• No Mileage Restrictions: Will you be doing a lot of driving in and around St. Augustine? If so, buying a vehicle may be the better choice, since a leased vehicle comes with strict mileage limits.
• Total Ownership: When you buy a vehicle, it’s yours to do with it as you please. There are no restrictions on how it’s upgraded, modified, decorated, etc.
• Customization: Another perk of ownership is that you can make cosmetic and mechanical changes to customize the vehicle however you like.
• Ability to Sell: You can opt to sell your vehicle whenever you choose.
  Financing Options: The car financing process is often more straightforward, and generally open to those with a bad credit score. You’ll also have the option to refinance your loan to lower your interest rate and monthly payments.
• Less Cost Over Time: Buying a new car may cost you more up front, but the vehicle becomes less expensive to own the longer you have it.

Benefits of Leasing

• Lower Payments: The initial down payment and ongoing monthly payments will be much lower when you lease a car vs, buying.
• Less Sales Tax: In most states you’ll enjoy lower sales tax on a leased vehicle. Often you will only have to pay tax on the down payment and for the monthly payments.
• Trade-Ins: When the lease agreement ends, it’s easy to upgrade to a new model. All you have to do is stop by your local Jacksonville dealership, pay any remaining fees, and drive away in your next vehicle of choice.
• Warranty Coverage: Vehicle maintenance is covered by the warranty that comes with your lease agreement. As long as you don’t go over the mileage limit, you are covered for any service issues that arise.
• Options: When you lease, you can drive the newest models with the most up-to-date amenities and tech features. You’ll have a wide range of upgrade options and will be able to enjoy all of the features you want.
• High Approval Rate: Even though you may have been denied a car loan, it’s generally easier to be approved for a lease, even if you have bad credit or no credit.

Explore Leasing and Financing Options at Honda of the Avenues

Still deciding between your lease vs. buying options? The finance team at Honda of the Avenues is standing by to help you find the best fit for your budget, including no-credit financing as well as options other than buying or leasing. We want to ensure that you get a good deal on your next car, and we offer a variety of new vehicle specials that can help Orange Park drivers save on a new Honda Civic, CR-V, or Pilot. Use our payment calculator to determine what your monthly payment will be, and then apply for financing with us online. Please contact us if you have any questions about leasing, financing, or insurance options like GAP insurance.

More from Honda of the Avenues