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Should I Buy or Lease?

Man's Hand Reviewing Car Loan

One question you’ll need to answer when shopping for a new car, truck, or SUV is: “Should I buy or lease?” While there are advantages to both, ultimately it will depend on what you want and what you can afford. There’s no one right answer, and it is essential that Irvine drivers take a close look at their personal preferences and budget. The finance team here at Weir Canyon Honda have prepared a lease vs.buying guide that details the benefits of each option.

Benefits of Buying

  • No Mileage Restrictions: If you’ll be doing a lot of driving in and around Tustin, buying a vehicle may be the better choice. A leased vehicle comes with strict mileage limits.
  • Total Ownership: When you buy a vehicle, you are free to do with it as you please. There are no restrictions on how it’s upgraded, modified, decorated, etc.
  • Customization: Buying rather than leasing allows you to make cosmetic and mechanical changes as you see fit. You’re free to create the car of your dreams without restriction.
  • Ability to Sell: Since you’re not locked into a lease agreement, you can opt to sell your vehicle whenever you choose.
  • Financing Options: The car financing process can often be more straightforward, and generally open to those without stellar credit scores. Also, you’ll have the option to refinance your loan or pay your loan off early to lower your interest rate and monthly payments.
  • Less Cost Over Time: Even though buying a new car may cost you more up front, the vehicle becomes less expensive to own the longer you have it.

Benefits of Leasing

  • Lower Payments: When you lease a vehicle, your initial down payment and ongoing monthly payments will be much lower than buying.
  • Less Sales Tax: Most states offer lower sales tax on a leased vehicle. In some areas, you only have to pay tax on the down payment and for the monthly payments.
  • Trade-Ins: When your lease agreement is over, getting your next leased vehicle is easy. Simply stop by your local Anaheim dealership, pay any remaining fees, and drive away in your next vehicle of choice. You may even be able to return your leased car early.
  • Great Coverage: Vehicle maintenance is covered by the warranty that comes with your lease agreement, and as long as you don’t go over the mileage limit, you are ensured that any service issues will be taken care of.
  • Options: Leasing allows you to stay in the newest models with the most up-to-date amenities and tech features. You’ll have a wide range of options and will be able to drive the model that has all of the features you want.
  • High Approval Rate: Though you may have been denied for a car loan, you’ll find that it is easier to get approved for a lease, even if you have bad credit or no credit.

Explore Leasing and Financing Options at Weir Canyon Honda

If you are trying to decide between lease vs. buying options, the finance specialists at Weir Canyon Honda can help you decide which is the best fit with your personal needs and financial situation. Whether you want to find out what a good interest rate on a car loan is , are interested in leasing a used car, or are looking for the best available lease offers in the Yorba Linda area, we’re here to guide you through the process. We can also provide advice on insurance options such as GAP insurance. Please feel free to contact us and see if you prequalify for credit today!

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Weir Canyon Honda 33.8757406, -117.7512188.