Getting a New Car: Should I Buy or Lease?

Searching for your next new vehicle to tackle Abline area commutes and wondering “should I buy or lease?” The best answer of course is finding what works best for you when it comes to buying vs. leasing. You need to think about what you want out of your car and what you can afford. At Little Honda, we’ve put together a guide that covers the benefits of buying and leasing a vehicle.

What to Expect When Buying

• No Mileage Restrictions: Travel the roads of Odessa with no worries about going over the mileage limits. Heavy commuters should consider buying as leasing a vehicle can come with restrictions that cover the length of the lease.

• Total Ownership: Because you don’t have to return the vehicle after an agreed length of time, you can truly make your car personal when you buy it. Vehicle ownership means that you have no restrictions on how it is modified and decorated mechanically or cosmetically.

• Ability to Sell: The car is yours to do what you please with. Without the restrictions of a lease agreement, you can choose to sell it when you want.

• Financing Options: While leasing isn’t terribly difficult, financing a car is a bit more straightforward and more accessible to people with lower credit scores. During the buying process, you also have the option to refinance a loan to lower interest rates and monthly payments. If this sounds like an option for you, take a look at our guide on how financing works.

• Lower Cost Over Time: Buying a car is an expensive, yet worthwhile investment. As time goes on and you make payments towards the loan, the cost over time makes the vehicle less expensive the longer you have it.

What to Expect When Leasing

• Lower Payments: When you lease, monthly payments and down payments are lower and fit into the budget easier.

• Less Sales Tax: Sales taxes in most states are lowered when leasing a vehicle. Sometimes you only have to pay taxes on the amount put forward for down payments or monthly payments.

• Trade-Ins: Getting your next leased vehicle at the end of your current lease is simple. You’ll be expected to pay any remaining fees, but after that you can visit our dealership near Midland and drive off the lot in your new vehicle.

• Great Coverage: Vehicle maintenance and warranty coverage is easier when leasing. As long as the vehicle isn’t over the mileage limit and is still under warranty, you’re covered for the work it takes to get you back on the road.

• Options: Variety is the spice of life. Leasing lets you be up-to-date on the newest models and tech whenever you lease a new car. This gives you plenty of time to find the right model for you.

Learn More About Buying and Leasing at Little Honda!

Still questioning “should I buy or lease?” Continue to explore your options and contact our talented team at our finance center near Midland. We can help you with calculating payments, trading in your car, or finding the right offer or incentive for you! If you decide to opt for a pre-owned car, explore our guide to help you find the best mileage for a used vehicle.