Lease vs Buy
A lot of
people are hesitant in choosing to lease vs buy when it comes to securing their
next vehicle. Their main reasoning is that they can choose to own a car and get
some of their investment back by selling it if they decide on purchasing. So
why lease a car in the first place?
For
people who have certain personal, financial, and lifestyle preferences, leasing
a vehicle can provide many advantages. Let’s take a look at some of the biggest
benefits of choosing to lease a car in Paris, TX.
Reason #1: Reduced Monthly
Payments
A major
advantage that leasing has over buying is that you’ll normally have lower
monthly payments that are easier to manage. Choosing to finance a vehicle means
that you’ll need to pay for the total price by the end of the purchase
agreement. Lease payments are calculated in a different manner.
Rather
than settle the payment of the entire car’s value, you’ll only be covering the
depreciation of the vehicle including tax and rent throughout the lease term. This
means that you’ll have to pay a significantly lower monthly payment than when
you purchase a vehicle through a loan.
Such
savings can be extremely beneficial since you get to upgrade to a newer model
easily or save on costs each month.
Reason #2: Lower Down Payment
Upon Drive Off
Most
vehicle purchases through a car loan will require buyers to make down payments
of at least 20% of the total price. In a lease, you can expect little to no
down payment at all.
You’ll
usually just need to pay for the monthly payment, taxes, and registration fees,
and then you’re good to go. Sometimes an acquisition fee is necessary when
signing the lease.
Overall,
the cost is dramatically less than the down payment required in buying a new
car through financing.
Reason #3: Minimal Repair
Expenses
The
terms in a lease are often short so most of the repairs that will be made on a
vehicle will still be under the coverage of the manufacturer’s bumper-to-bumper
warranty. There are even instances where the manufacturer will also take care
of maintenance expenses.
That’s
why as you review a lease agreement as well as the warranty/maintenance deal,
make sure that you understand everything correctly. You want to have all
repairs and maintenance covered by the manufacturer so you can avoid unexpected
bills.
Lease Your New Honda at Mathews
Honda of Paris
Should you
lease or buy a car? The answer will depend on what you need. Leasing offers
many benefits as you can see above.
If you’re
looking to lease a new or used Honda vehicle in Paris, TX, then Mathews Honda
of Paris is the one for you.
We offer
an extensive range of new
and used vehicles
that you can check out right now. Make sure to do your research beforehand to
make an informed decision as you proceed with your lease.