Should You Buy or Lease a New Honda? Here Are the Benefits of Each!

Yes, you do deserve the joy of owning a brand-new car. Shining, and free of the maintenance needs of older models, they bring a peace of mind, but sometimes, higher monthly payments. But based on your needs, you can drive home a reliable Honda on your terms when you decide if a car loan or lease is the best fit.

What’s the difference? It all boils down to what you pay for, and total ownership costs. A car loan, for example, leaves you responsible for the total cost of the vehicle plus interest and any warranties or accessories. That means if you opt for a car with a $25,000 MSRP, your payments will be divvied up based on the length of the loan, plus APR. The result is pride of ownership, no annual mileage limits, and the ability to accessorize to your heart’s content!

But leasing brings the benefit of lower cost of ownership. While mileage limits range between 9,000 to 15,000 miles a year, you only pay for the residual value your model loses during the timeframe of the lease. If the model with the MSRP mentioned above was leased, and it will lose $12,000 over the agreed period, your payments will account for that number and interest.

For additional help securing financing for your new Honda, fill out our finance application. A representative from our Longmont, CO location will be in touch once it’s been processed, and we can answer any questions and setup your test drive.

Categories: Finance

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