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Leasing vs. buying a vehicle both have their ups and downs, and Huntington Beach drivers should be well aware of both options before making a final decision. Our customers are generally aware of what’s involved in financing a vehicle, but we often get a lot of questions about leasing. Take some time to read more about the differences between leasing vs. financing below. When you’re well-informed about all of your financial options, you’re in a great spot to find your next new Honda in Westminster!
When asking yourself, “Should I buy or lease a car?”, it’s important to keep in mind that leasing involves making monthly payments towards the depreciation of the car that you’re driving– you don’t own the car. A lease contract generally lasts around 36 months and includes restrictions on your mileage and alterations to the vehicle. You can get warranty coverage for the duration of the lease, and you’ll get several options available to you at the end of your lease. Leasing can be a flexible option for many people as you can generally renew a lease, swap out your vehicle, or choose to finance the remaining value of your lease.
Financing a vehicle means you’re dedicating yourself to paying off the entire cost of a vehicle, making monthly payments towards the total cost of the vehicle, plus accrued interest that’s dictated by your credit score. Once you pay off the total cost of the vehicle, the vehicle’s title is transferred to you from the lienholder that you’re financing through. Financing is more expensive than leasing initially, but you’ll have no restrictions on mileage or alterations done to your vehicle. Once you pay off your loan, the vehicle is fully your own.
For Irvine and Costa Mesa drivers, knowing whether you should lease or finance a vehicle is the first step in the buying process. If you have any questions about leasing vs. buying your next car, contact us at Honda World Westminster today online or call us at 714-902-9557 to speak with our professional financiers. We’ll help you save money on your next vehicle by helping you find a great financial plan and with a variety of new vehicle specials!
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