Buying vs. Leasing a Honda

June 28th, 2016 by

2020 Honda Pilot

Thinking of driving home in a new vehicle? Then you’re probably facing the dreaded car buying question of whether you should buy or lease your next Honda. With so many considerations to keep in mind for both options, it can be hard to make a quick decision.

At Braman Honda in Miami, we understand how difficult it can be to choose between buying or leasing a Honda. So we’ve created to guide below to make the process much easier and help you make the right decision.

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Leasing Your Next Honda

If you don’t plan to travel too far within the next couple years and want to save a little bit of money, then consider leasing your next new Honda. Lease options are generally more affordable than buying because a lease is essentially a long-term renting plan. You’ll make low monthly payments for a certain number of years, depending on the plan, and return the car back to the dealership or purchase it after.

There are a few drawbacks to leasing a Honda that you need to consider. One of the biggest is the mileage restriction. All leased vehicles are subjected to mileage restrictions where you can only drive a certain number of miles per year. Going over this limit will leave you subject to additional fees.

However, they give you the option to purchase additional miles at affordable rates when you sign your lease. This is an ideal solution for those who want to reap the benefits of a lease while maintaining their usual high-mileage travel patterns.

Buying Your Next Honda

2020 Honda CR-V

Financing a Honda is great for daily commuters and those looking to keep their vehicle as soon as their plans are up. This is because finance plans are designed to help you pay for the price of the car little by little. Once you pay everything off, you automatically keep the car without any additional costs. On top of that, buying your next car allows you to drive as much as you want without penalty.

Like leasing, buying your Honda will also come with a few disadvantages. The biggest con to choosing a finance plan is the cost of monthly payments. These can be considerably more expensive, so it’s important to plan your budget accordingly. Online tools can help you see how much you’d pay a month to finance your car, but you also need to factor in additional costs like gas and services as well. On top of that, you must make sure that your credit score is high enough to get approved for financing and get the low interest rates you need.

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Should I Buy or Lease?

When you’re ready to drive home in a new Honda, make sure that you consult this guide to determine if buying or leasing the vehicle will work best for you. And if you have any other questions, don’t hesitate to contact Braman Honda in Miami. We proudly serve the Miami, Hialeah, and Doral area, and we’ll provide you with all of the information you need to make the right decision.

Don’t wait – contact us today!