Buying vs. Leasing: Crucial Info for Cleveland Heights, OH Drivers
Is it Better to Buy or Lease A Car?
So, you want to learn about buying versus leasing. For starters, there are various things you'll want to take into consideration, especially the pros and cons. Each financing option is tailored to a specific type of driver. Particular characteristics would make one person lean more towards one option, rather than another. If you're wondering which option is better for your financial situation, you've come to the right place. Here are the pros and cons of both alternatives:
What are the benefits of buying a car?
Pros & Cons of Buying
- You can pass it on. There are many different options available to car owners. You can value your trade and possibly sell it back to the dealership or a private seller. You can pass it to your children or your children's children (assuming you kept up with its oil changes).
- Personalize it. If you own or finance your vehicle, you're welcome to do as you please with its interior/exterior design. If you want to paint your vehicle bright purple and throw polka-dots all over it, you can!
- No mileage requirements. Since this is your car, you can drive it however far you need to. If you have a 25-mile work commute each way, then financing might be the best option for you.
- Make an investment! You never know, you could have a future classic-car on your hands. When you purchase a vehicle, you're investing. Whenever you pay off your car loan, the car's value will add to your assets.
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- Depreciating value. If you don't take care of the vehicle, the value can go down immensely. You can very quickly be at a loss when you buy a vehicle and don't maintain it.
- Service requirements. Since you're the sole owner of the model, even if you're financing it, you have to take care of the maintenance. Unless you're wise enough to purchase a Lifetime Warranty, you might be footing the bill for some expensive repairs later on.
- Negative Equity. Negative equity is something that can happen when you either have bad credit or purchase an over-priced car. If your car loan amounts to much more than what the car is worth, you'll be responsible for the negative equity when you handle a trade-in. You might also have a hard time selling it if you attempt to sell for the full price, leaving you at a loss. To avoid this, make sure that you shop at well-priced Honda dealers like us!
- Long-term agreements. While you can set up a loan for a short-term, generally, people don't do this. If you signed up for a 72-month loan agreement to keep payments loan, you're locked into that agreement until you trade-in or pay it off.
What are the benefits of leasing a car?
Pros & Cons of Leasing
- Access to lease specials. Honda lease specials frequently offer special pricing, which makes them attractive to car buyers.
- Service & large maintenance issues are usually handled by someone else. Since it's not your car, you're not responsible for the upkeep. Normally you would see out one of our Honda oil change coupons, but with a lease – you won't have to!
- Less Expensive. With a lease, you can drive cars that you normally wouldn't be able to afford. Leasing options are often more affordable with lower down payments, so people tend to go for them.
- Short-term agreements. If you often travel for work or enjoy upgrading to the newest vehicle every year, leasing is a great option for you! You'll always have reliable transportation, and you won't have to be locked into a long-term auto loan to drive the car you want.
- Mileage requirements. When you have something as great as a lease, you'll make sacrifices. Most lease offers have mileage requirements that range anywhere from 10-12,000 miles per year. If you go over the recommended mileage, you will be charged a hefty price. If you do not work in an office or don't drive often, leasing might be the right option!
- You don't own this vehicle. Since you don't own the vehicle, you cannot reap the benefits when the value goes up. Your lease will end and you can either renew it or get another vehicle.
- No personalizations. You cannot personalize your vehicle to your liking because it doesn't belong to you. You'll have to go with the recommended options and leave it that way.
- Wear & tear charges. If you're avid about eating in the car, you'll be responsible for the wear and tear when you return your model.
So, Is it Worth it To Lease a Car near Mayfield Heights, OH?
The answer depends on who you are. We hope you have an idea of what type of buyer you are and which option would make the best financial sense for your situation. If you still have questions, feel free to contact our dealership's finance department in Cleveland Heights, Ohio. We can help you learn more about our car buying options. We're here to help you make the right choice. In the meantime, browse our used cars for sale online and ask about our Honda Civic lease options!
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