Lease or Buy: Clinton Area Honda Dealer Helps You Decide

Once upon a time, leases were the worst option for the people who didn’t have options. They were like adjustable rate mortgages, causing balloon payments and uncertain costs down the road. These days, leases are much more refined and favor the lessee. But it can still be tough to decide whether it’s better to lease or to buy, so your Clinton Area Honda dealer helps you make the choice.

Distance Travelled

The main thing to consider when deciding between a lease and buying is how far you’ll be traveling. If you’re a long-distance commuter, a lease will likely cost you. Most leases are capped at 12 or 15,000 miles per year. Even if you could stay just under that by getting to work and back, always take into account extra mileage that just comes up in the normal business of getting around. If you’re a serious driver, buying with a good warranty is likely a better option.

Finances

One of the biggest factors. If you don’t have a lot for a down payment and can’t necessarily afford the larger payments that come with financing, a lease is a good option. Often, putting a bit less down for a lease can get a payment that is much more manageable. Likewise, monthly payments from buying can go on for five or ten years.

Long-term Plans

This is possibly the most important. If you’re hoping to hand the car over to someone else, obviously a lease won’t do. On the other hand, if you like to get the newest cars with the newest gadgets, many companies have loyalty programs that give you a discount for coming back every two or three years.

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