To Buy or to Lease?
As many vehicle shoppers do, you may be wondering if it is a better option to lease a new car or to finance one. There is really not a “right” answer to this question — it just depends on what your needs and wants are when it comes to vehicle use and financial considerations. Fisher Honda in Boulder would like to offer some advice regarding this common dilemma.
When it comes down to it, your lifestyle and preferences should guide you to the best answer. Both leasing and buying have several advantages and disadvantages, and it is up to the individual to decide on his or her own best option. If you take a look at the following points, you should be able to figure out which choice is right for you.
Some Advantages of Leasing a Vehicle
- You can get a different new car every few years without the hassle of selling or trading-in your existing vehicle.
- You can take advantage of lower monthly payments and a lower down payment. Often, you can obtain a leased vehicle with no money down and $0 due at lease signing.
- You can drive a better quality car or a luxury car for less money than buying one.
- Repair costs are minimal with a leased vehicle, since the manufacturer’s warranty will pay for the majority of repairs.
- You do not pay sales taxes on the full price of the vehicle.
Some Disadvantages of Leasing a Vehicle
- You are limited to a certain amount of miles per year, usually around 15,000. If you go over, you have to pay for the extra mileage at the end of the lease term.
- You have to give the car back at the end of the lease. Obviously.
- For the long-term, leasing is more costly, compared to purchasing a vehicle that will last for ten years or more.
- You have to pay fines for wear on the vehicle at the end of the lease.
- It is expensive to end a leasing contract early if you need to.
Some Advantages of Buying a Vehicle
- Buying a vehicle costs less long-term if you keep your purchased vehicle for long enough.
- There are no charges for driving as many miles as you choose.
- You can trade-in or sell the vehicle when you want to, with no penalties for terminating a lease agreement.
- Some people take great pride in owning their own vehicles.
Some Disadvantages of Buying a Vehicle
- You usually will have to put more money down, and your monthly payments will probably be higher.
- Once the manufacturer’s warranty ends, you have to pay all repair costs.
- When you are ready for a new vehicle, you have to go through the hassle of selling or trading-in.
Whether You Decide on Leasing or Buying, Fisher Honda Can Help You Out!
Come in to see us at Fisher Honda in Boulder to learn about our current lease and financing specials. Our energetic staff is ready to assist you with the entire vehicle shopping experience, and we have a wide selection of new and used models to choose from. Visit us soon!