There are many decisions to make when shopping for a new vehicle. On top of picking a make and model, you'll need to choose whether you'd rather buy or lease.
It can be tough to decide between leasing or purchasing a vehicle. Here at Morganton Honda, we've listed the advantages of both options. Keep reading to find out if buying or leasing is right for you.
Freedom is one of the biggest perks of leasing a vehicle. When leasing, you have the option to drive a new car every few years if you choose. This lets you take your time choosing the best ride while avoiding the hassle of having to sell or trade the vehicle.
Leasing terms are usually between 24 and 60 months. Shorter terms allow you to make more affordable payments and to choose your mileage. Drivers leasing a vehicle are normally given 12,000 or 15,000 miles per year, but if you need a higher mileage limit, you have the option to purchase more miles at signing.
Because you're only paying to drive the vehicle for a limited time, your financial responsibility and monthly payments may be substantially lower. You should consider leasing if you aren't prepared to offer a large down payment, as there are leasing options that require $0 down.
Most leases last for two to three years, and your vehicle is usually covered under warranty protection for as long as you drive it.
Once a lease ends, you can simply return the vehicle and pay any remaining fees (like for excess mileage or wear and tear) and taxes. You also have the option to purchase your vehicle for a predetermined price at lease-end. In either case, you don't need to worry about selling or trading in the car.
Car ownership is the main upside of buying rather than leasing. If you plan to keep your next vehicle for more than a short time, you're better off purchasing it. Choosing to buy also enables you to customize your vehicle to fit your lifestyle.
Unlike with leasing, you don't have to deal with mileage restrictions when financing your vehicle. Drivers who lease a car need to calculate in advance how many miles they'll travel each year. Buying a car frees you to drive as much as you want without collecting fees.
If you choose to purchase your vehicle, you can decide whether to buy it outright with cash or finance it. If you buy with cash, you become the owner immediately and don't need to worry about monthly payments. When financing, you pay off the vehicle over an extended period of time with a loan. We strongly recommend searching for an affordable and competitive rate when financing, like what we offer here at Morganton Honda.
The payment schedule for financing a vehicle typically lasts from four to six years. After you've paid off the vehicle, you're free to drive it for as long as you want or to sell it or trade it in.
If you happen to have any questions or would like to get to know us more, come visit us at 1600 Burkemont Ave, Morganton, NC 28655. We look forward to serving customers from Hickory, Asheville and Marion.
1600 Burkemont Avenue
Morganton, NC 28655
