Auto Lease vs Financing: Which is Right for Your Situation?
To Honda Lease…Or to Honda Finance: The Choice is Yours
Found the ultimate Honda to fit your driving style? Then it’s time to find an affordable financial plan to determine how you’ll drive your favorite vehicle home, which is usually a choice between a car loan or leasing a vehicle. While, on paper, both these choices seem similar—the way both will impact how you cruise and the price you pay varies greatly. Not to worry though, as we’re here to walk you through the process—also, visit the South Motors Honda finance center in Miami today to get a more in-depth and personalized look at how leasing vs financing will impact your budget.
Taking It Short-Term with a Lease: What Should You Know?
In the most basic terms, when you lease a car, you’re essentially taking out a long-term loan since you don’t technically own the vehicle (which isn’t a bad thing since you won’t usually need to worry about long-term maintenance). You’ll also make monthly payments and abide by mileage limits depending on your lease terms. However, the massive benefit is that you’ll often pay far less for a down payment and monthly payment when compared to a loan, which makes leasing an affordable choice. Additionally, when your lease agreement ends, you get a choice: return the car and find a new vehicle to lease, or decide to buy the current ride you’re driving—all up to you. Either way, a lease makes for a stellar short-term option that allows you to constantly take on the roads in new cars and stay up to date on the latest tech, features, and powertrains of your favorite Honda vehicles.
Paying to Own: What to Expect with a Car Loan
If outright buying your car sounds more appealing to you, consider an auto loan, where you make continuous monthly payments until your loan is paid off and you fully own your vehicle. While the costs are often higher when compared to a lease, you also gain more freedoms with how you drive since you won’t need to worry about mileage limits and can make virtually any permanent changes that come to mind, including painting your cruiser, tuning out your motor, adding accessories like interior ambient lighting and spoilers, and much more. You’re even free to sell the car and pocket the money after your loan is fully paid. Also, much like with a lease, you’ll have a massive variety of models to choose from—from a Civic hatchback to a Honda CR-V.
Explore Your Financing Options Today in South Florida
Ready to further explore the intricacies of a car lease vs. finance deal? Head to our finance center at South Motors Honda near Palmetto Bay today to speak with one of our experts, who will help you make a choice of whether to lease or buy based on your personal information, budget, and driving preferences. Also, don’t forget to explore our specials, where you can find epic savings on new Honda models alongside leasing offers to help you find the cars you love at the right price.