Buying vs Leasing: Pros & Cons
So you’re looking for a new vehicle, and you’re trying to decide whether to buy or lease. This can be a difficult decision! There are benefits and drawbacks to each, and it really depends on your specific situation as to which is the better choice. At Patty Peck Honda, we want you to have all the information you need to make the right decision for you. Below are some of the pros and cons of each.
- No mileage restrictions
- The car is yours
- You can modify it as you please
- You can keep it as long as you want
- Build equity
- Typically requires a larger down payment
- Can run into hassles selling it
- Typically higher monthly payments
- Interest adds to total price if you stretch the loan
- Can run into negative equity
- Typically lower and/or no down payment
- Monthly payments are usually less than owning
- You can drive a new car more often
- Repairs are usually covered by warranty
- It’s easy to return
- You have to decide whether to lease or purchase every time you return a lease
- You can incur fees if you exceed the mileage limit
- You can’t modify your vehicle
- You’re not building any equity while leasing
- Difficult to find a lease without a good credit score
Whether you decide to buy or lease your next Honda, the finance experts at Patty Peck Honda can help. We have over 34 years of experience in automotive financing, and the men and women working in our finance department know that everyone’s situation is different. Whether your credit is top-notch, or you could use a credit repair car loan, they’ll work with you to develop a plan that won’t stress your wallet. Our goal is to ensure that you leave happy, and behind the wheel of the right car for you.
To learn more about the great lease and finance options available at Patty Peck Honda, contact us. If you’d rather drop by, our showroom is conveniently located in Ridgeland, in Madison County, near Jackson and Flowood, and our friendly and knowledgeable representatives will be more than happy to show you around. We’ve got loads of great new cars, trucks, and SUVs on our lot, and you’re welcome to test drive any vehicle that strikes your fancy.