Put simply, there are pros and cons with either option.
When you lease a vehicle, your monthly payments are significantly lower. This is because you are paying only for the timeframe in which you actually use the vehicle – this can be 2, 3 4, or even 5 years – regardless of the number of miles you drive. But, at the end of that period, you don’t own the car. You don’t have a lot to show for the money you spent. On the positive side, you are under warranty for most of that time. All you have to worry about is normal maintenance. We have found that in some instances, that Honda’s residual values are so great that you may actually have equity at the end of the term of your lease. The average person will keep their vehicle a total of 42 months, so leasing is a great option to look at when looking at a new vehicle.
When you buy a vehicle, on the other hand, your monthly payments will be much higher. In the long run, may save you money if you plan on keeping your vehicle for a long period of time. Even after you’ve made your final payment, you may be able to drive your car for quite a while. And, when you’re ready to make another vehicle purchase, you can sell or trade in the car you own.
There’s no right or wrong answer. In fact, because there are a number of variables to consider, it’s not an easy decision to make. To learn more, check out this consumer leasing guide. Or, stop by the dealership and chat with one of our sales team members. We’d be happy to help you weigh the pros and cons of buying versus leasing.