Should You Lease or Buy? Which Should You Choose?

If you decide to start driving a new car, you will also have to decide whether you should lease it or buy it. Some Birmingham drivers will be better off buying their next Honda, while others will save money by choosing to lease.

Reasons to Leaselease

When you lease a car instead of buying it, you will have a lower down payment and more affordable monthly payments. For some drivers, this means that they can afford a better model than they would be able to if they had to buy one. You will also be able to easily get a new model every two or three years, depending on your lease period. The repair costs are even typically lower since the factory warranty typically covers the repair. Leasing also means you don’t have to deal with the depreciation associated with buying a car and ending leases early typically comes with heavy fees.

Reasons to Buy

Although buying a car will cost more than leasing one, it gives you much more freedom and makes financial sense. Assuming you don’t feel the need to trade-in your model every few years, you will save money by buying a high-quality Honda and driving it for a long time. Eventually, your car will be paid off and you won’t have to make any monthly payments. You will eventually have to pay for maintenance and repairs once the warranty finishes. You can also put as many miles as you want on the vehicle, make your desired modifications, and not worry about being charged fees for damage to the vehicle.

Which Should You Choose?

Picking between buying and leasing your next Honda depends on your driving habits. If you drive a lot or are hard on your vehicles, you will want to buy your car. The same is true if you like to modify your vehicle and don’t mind having the same vehicle for a decade or more. If, however, you don’t drive much and like always having the latest features, leasing will probably be ideal. Leasing is also better for those on a budget.

Whether you want to buy or lease a Honda, the team at Brannon Honda in Birmingham, Alabama can help you find your perfect vehicle!

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