New Car Lease vs Buy
Why Should You Lease a New Car?
If you want to drive newer, safer, more reliable cars, not pay a sizable down payment every 3-4 years, and also do not travel an exorbitant amount of miles annually, then a new car lease should be best for you. Leasing is ideal for people who prefer to escape the annoyance of selling and buying each time they want to upgrade to a new car or truck.
Why Buy a New Car?
Conversely, if you prefer long term automotive relationships with a greater sense of ownership and commitment, then buying may be what’s best for you. Car-buying is typically best for people who do not mind driving the same vehicle for more than five years or even until the vehicle is no longer suited for the highway.
Buying vs Leasing: Which Is Right for You?
Knowing the pros, cons, and overall benefits of buying vs leasing a car is important. Be sure to look at repair costs, vehicle ownership, monthly payments, and potential savings when considering the best new car financing type for you.
Buying: Ownership vs Leasing
When weighing the value of vehicle financing, new car, truck, or SUV ownership certainly comes with many advantages, most associated with absolute ownership of the vehicle. You may not be aware, however, there are also a few nice advantages to leasing, as well. It’s important to consider all financial aspects including buyout payments, down payment, monthly payments, term length, interest rate, depreciation, and maintenance & repair costs, before making a decision. A meticulous study of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the perfect choice between leasing and buying a new car.
Vehicle lease payments are often less expensive in comparison to auto loan and car financing payments as the typical lease layout is pretty much renting with the option to purchase at the final payment of your lease term. Just consider when leasing that you’ll need a higher credit score, and will be asked to carry comprehensive and collision insurance, although the same can be said for the lowest rate auto loans. Though it can add to your monthly payments, it is also wise to get a model with the features you need or want, as personal satisfaction is often priceless.
Maintenance & Repair
Auto leases often include regular vehicle maintenance & repair. It’s important to keep this in mind when calculating monthly costs of leasing vs ownership. Regardless of which make and model you choose, mechanic bills are an unknown cost that can quickly add up. And for those of us who are not certified auto mechanics with a full toolset and hydraulic jack in the garage, leasing may be the best option for peace of mind.
Savings vs Investment
In general, a new vehicle lease saves money in the short term with more affordable monthly payments, while buying gets you a long term investment, meaning outright ownership of the value of the car at the time it is traded, sold, or paid-off. For best value on a lease, avoid lease return fees for going over mileage, terminating the vehicle lease early, or putting on excessive wear and tear. For the best investment on a financed/purchased vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.
|Ownership||No Ownership||Pride of Ownership|
|Down Payment||Smaller Down Payment||Larger Down Payment|
|Monthly Payment||Smaller Monthly Payments||Larger Monthly Payments|
|Maintenance & Repair Costs||Typically Included||Not Included|
|Savings/Investment||Short Term Savings||Long Term Investment|
|Finance Term||Approx. 2-4 Years||Approx. 3-6 Years|
|Pre-Owned Vehicles||Not Available||Available|
|Vehicle Customization||Not Available||Available|
|Poor Credit Financing||Not Available||Available|
Honda Lease and Finance Offers In Oklahoma City OK
Bob Howard Honda knows that choosing the right Honda car and financing option is never easy. Our team of experienced Honda lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location in Oklahoma City, OK. We look forward to serving you.
I had an enjoyable experience at Bob Howard Honda! TD Dang was a superb salesperson! I am incredibly proud to be apart of the Bob Howard Honda family 7/25- I had excellent service at Bob Howard. The staff is highly knowledgeable, friendly and they got beautiful work in the service department. 1/8/2021- I had a superb service experience with Kristian. Bob Howard is thorough, and they always do a great job!
Customer: joi horsford
I bought a used car recently from Bob Moore. It was my first time to deal with them. They provided exceptional service during my purchase. Lovato was very kind and respectful through the entire process. He was knowledgeable about the car I was looking to purchase as well. I am satisfied with my purchase and would buy from them again.
Customer: Momma Bear
The service was prompt and thorough. My service rep was very polite and knowledgeable. The waiting area was clean and comfortable. I definitely recommend Howard Honda.
Customer: Nanette B
Staff was very friendly and service tech, who was a woman, very knowledgeable. I was very impressed. I had my 2 year old nephew & the child's play room was awesome! All dealership's should have this! Unfortunately, their Toyota dealership is severely lacking. I purchased the Honda CR-V I spoke of above from their Toyota dealership. They sold me a vehicle that had altered wheel studs. They had been cut off & the lug nuts only turned 5 times. There was not hardly. Any thread left. It was extremely unsafe and should NEVER have been sold like that. What makes it even worse, a person who referred to himself as the "service manager," he wasn't, told me it was perfectly safe and refused to even check them. Said if it was unsafe, my tires would have fallen off! Only by the grace of God that didn't happen! I will never buy from them again!
Customer: Shelley Nunley
Purchased 2018 odyssey a week ago the van had more features than we wanted and with less miles. Great experience at the dealership. Our salesman Steven Moore went above and beyond to explain all the features and even sync my phone to the system. Steven also checked in on us later to make sure we were still happy with our purchase. Thanks for making it such an easy process and the whole family is happy!!
Customer: Kelly Kositzky