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When you’re looking for your next car, deciding whether to buy one or lease one is always a tricky decision as there are pros and cons to both. Leasing, for example, will probably give you lower monthly payments than a car loan, rental means that you’ll get a new car again in two or three years which is always exciting; leasing means a warranty will still protect you. If you lease your vehicle, you never have to worry about anything happening to it, no matter what, you will be covered. Then when it comes to the end of the lease, you don’t have to worry about selling the car which can be stressful, costly, and time-consuming.
However, there are also cons to leasing a car. For example, to qualify, you must have a stable source of income. The dealers you are renting from will need to see that you have a stable and predictable lifestyle – or at least a stable and predictable source of income. If you lose your job or get sick, then this can have a significant impact on your finances, and it can be quite challenging to get out of a contract – well far more difficult than it would be to sell your car if you couldn’t afford to run it anymore. It’s essential to have a backup plan in case something like this happens. There are lots of terms to leases that you have to meet, or you will have to pay fees.
There will also be a limit to the number of miles you can drive throughout your lease term, and you must keep on top of the car’s maintenance. If you’re not aware and careful of this, then this could end up costing you a lot of money too. Make sure you always read the fine print.
While financially, it might seem cheaper every month, overall you are likely to pay more overall than you would if you had just bought the car.
Now, the pros of buying a car of your own include the obvious; you’ll have ownership of your vehicle, you can drive as many miles as you want to, you can do what you want to your car in terms of customizing it, and you can keep your vehicle for as long as you want. But, at the same time, you’ll probably have higher monthly payments than if you get a lease, there’ll be unexpected post-warranty repair costs, and you will have the responsibility of trading or selling your used car if you want a new one.
It does come down to what is right for you, and it’s a good idea to research both options, work out your finances and see which one will be the most viable option. Look around and compare these Honda lease deals for example to buying a Honda, how much they cost, the condition they are in, the miles they have done and see which works out best for you and what you would want to pay.