Many drivers face the question of whether to buy or lease when they're searching for a new vehicle. Both options have different aspects that benefit different people, depending on their lifestyle and how much they drive on a daily basis. Here at Lou Sobh Honda, we would like for our customers to know about all of the choices that they have in regard to their vehicle. That's why we've outlined the advantages of buying and leasing. Feel free to contact us or stop by our dealership to learn more about our financial options available to you.
Freedom and flexibility are two of the best benefits of leasing a vehicle. When leasing, customers have the choice to drive a new vehicle every few years if they prefer and postpone the purchase decision, without the inconvenience of having to sell or trade the vehicle.
The average leasing terms vary between 24 and 60 months. With shorter terms, you're able to make more affordable payments. Plus, you're able to pick your mileage. Lessees are normally given 12,000 or 15,000 miles per year, but if you need a higher mileage limit, you're given the choice to purchase more miles at signing.
Because you're only purchasing the right to drive a vehicle for a specific period of time, your financial responsibility and your monthly payments may be decreased. Also, if you're not ready to pay a large down payment, then leasing may be a better choice for you, as there are options that require $0 down.
Because most leases last for two to three years, your vehicle is generally covered with warranty protection for as long as you have it.
When a lease ends, you simply return your vehicle and pay any fees that remain (such as for excess mileage or wear and tear) and taxes. If you've made the decision that you'd like to keep your vehicle at lease-end, you can also take the opportunity to buy it at a predetermined price. In either case, there's no need for you to sell it or trade it in unless it benefits you.
Ownership is the top benefit of buying your next vehicle instead of deciding to lease. If you are looking to keep your vehicle for an extended time or for as long as possible, then buying is the better option for you. Plus, choosing to buy rather than lease provides you with the option to customize your vehicle to match your lifestyle.
When financing your vehicle, you are responsible for the miles you travel and don't have a mileage restriction like you do with leasing. Leasing requires that you calculate in advance how many miles you will drive each year. Ownership allows you the freedom to drive as much and as far as you desire without collecting fees.
When purchasing a vehicle, you can choose to finance or buy outright with cash. If you buy with cash, you become the owner of the vehicle right away and don't have to worry about monthly payments. If you choose to purchase a vehicle by using a finance program, you have an extended period of time with a loan to pay off the vehicle. For the best outcome when financing, we strongly recommend that you acquire the most affordable, dependable and competitive rates possible, like what we offer here at Lou Sobh Honda.
When you complete your payment schedule, in typically four to six years, you own your vehicle. You can keep driving it for as long as you desire without any further payments, or choose to sell or trade at any time. Once you own the vehicle, you're no longer making monthly payments, which means you could potentially place those same funds toward your savings.
If you’re interested in buying or leasing a vehicle from us, contact us directly, or stop by Lou Sobh Honda at 1105 Buford Road, Cumming, GA 30041 for a test-drive. We look forward to serving our customers from Cumming, GA, and throughout Alpharetta, Atlanta and Forsyth County.