Should I Buy or Lease?

2021 Honda Pilot parked on a city street

When you’re shopping for a new vehicle for your Sharon commute, you’ll usually have two options: to lease the vehicle or buy the vehicle. Which is the better option? This depends on what your current situation is, what you’re willing to spend, and how much flexibility you would prefer. Learn the main differences between getting a lease vs. buying with the finance center at Shenango Honda to see which option is the better choice for your car-buying experience. 

Short-Term & Long-Term Costs

Should you lease or buy? When asking yourself this question, you’ll want to consider the long-term and short-term costs of leasing and buying: 

Leasing 

With leasing, you’ll have lower monthly payments than you would if you took out a loan to buy the vehicle. You’ll also save more on taxes and the down payment. The thing to remember with leasing is that if you start a new lease every few years, then your payment won’t change much over the years. 

Financing

When you finance, you have the chance to wipe out your monthly payment entirely when you pay off your loan early. This is especially true when you buy a pre-owned vehicle over leasing a brand new vehicle. The thing to consider is that repair costs will increase for a vehicle as it ages. 

Mileage & Other Restrictions

When comparing getting a lease vs. buying a vehicle, you should also consider potential mileage restrictions and other limitations: 

Leasing 

When you lease a vehicle near Hubbard, you will have to stay within certain boundaries and limits. Not staying within these limits will usually result in having to pay a fee when the lease ends. 

Financing

When you choose to finance a vehicle, you’ll have full ownership, and you won’t be confined to any limitations or restrictions. 

Ownership and Customization

If you’re still on the fence about whether you should buy or lease, then consider the following about vehicle ownership and the ability to customize your vehicle: 

Leasing

After your lease is up, the dealership still owns the vehicle and will need to resell it. Because of this, you’ll have to stay within the original factory condition of the vehicle. 

Financing

Buying a vehicle or financing the full cost allows you to add whatever you want to the vehicle since you own it. You can modify the vehicle to your liking but check with the dealer first as this could affect your warranty. 

Freedom & Options

One of the biggest factors you should consider when choosing to get a lease vs buying a vehicle is the options you’ll have. Keep the following in mind:

Leasing

Leasing is easy and convenient. All you have to do is take care of it, drive it back to the lease return center, and choose to upgrade or renew the lease. You can also buy out the lease and take full ownership of the vehicle. 

Financing

With financing, you are locked into a contract. However, you do have the flexibility to sell the vehicle or trade it in at any time. Just make sure that the vehicle is worth more than what you owe if you decide to do either of those. You could also refinance the vehicle at a lower rate later on. Ultimately, you can keep the vehicle for as long as you please. You can calculate your vehicle’s trade-in value easily with our value your trade tool at Shenango Honda. 

The Bottom Line

Ultimately, the decision to get a lease vs. buying a vehicle will depend on which option works best for your circumstances. If you like to take long road trips outside of Hubbard, then buying a vehicle and having ownership may be a better choice. If you want lower monthly payments and tax savings, then leasing is the better route. Ultimately, Shenango Honda can help walk you through your buying and leasing options to decide which is the better choice for you. 

Buy or Lease with Shenango Honda

Should you buy or lease? The choice is up to you, but Shenango Honda can help you decide which choice is the better fit. Contact us to explore your buying and leasing options today!


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