Buying vs Leasing a Honda Model in Vineland, NJ
Should I buy or lease when I buy a Honda model? That is a question that every driver should ask themselves when shopping for a new vehicle. When spending money towards a Honda model, you need to find the best method in relation to your own personal situation. For a new Honda vehicle, do you buy it or lease it?
As in any choice, what is right for one person may not be right for another. Every driver and person is different. You will need to determine what is the most effective and efficient choice for your financial situation. Still, this can be a difficult decision to make when you are confused by the process. Therefore, we've developed an easy way to diagnose your place in the equation. Take a look below as we compare the positives and negatives of financing and leasing.
|A larger total sum. Includes flexibility for payment periods and various financing options.||Payment||A smaller total sum. Fixed rate of payment. No flexibility for payment periods.|
|Full car ownership upon completion of payment.||Ownership||Joint ownership with the dealership for the duration of the lease contract.|
|Sole owner of the vehicle can choose their desired type of warranty.||Warranty||Fixed warranty options given under most lease contracts.|
|Sole owner of the vehicle can make any changes they desire.||Customization||Under a lease contract, the driver is not the sole owner. Changes to the vehicle must first be approved and can be denied by the dealership.|
Buy or Lease a New Honda Vehicle at Rossi Honda
For those that may still be confused, let us offer a quick summary.
Buying is more costly, but dealerships are more flexible in terms of payment options and you have complete ownership, meaning the car is yours to do with as you please.
Leasing is less costly, but dealerships are not flexible in terms of payment dates and you only have joint-ownership, preventing customization and personalization of your vehicle.
In terms of benefits and cost-effectiveness, buying a new vehicle is the most efficient option. However, that is ignoring the income and financial situations of the majority of drivers who may not have the necessary funds or consistent income to support the increased payments of a financing plan to purchase a vehicle.
Furthermore, some drivers might favor leasing due to the fact that this doesn't lock them into the purchase of a vehicle. A driver might lease a Honda Fit, but, upon completion of the lease contract, may then want to, and have the option to, upgrade to a Honda Civic. If you fully buy a vehicle and don't like it, then you're stuck with it.
While this works as a general guideline for the financing vs leasing debate, there are still many additional details to cover. For additional information on financing options, and on Honda model leasing contracts, please feel free to contact us here at Rossi Honda. Our sales team can be reached by phone or on location at our dealership in Vineland, New Jersey within Cumberland County. No matter whether you want to buy or lease, come find out which beautiful Honda model is the one you want to drive away with!