Figuring out the best way to purchase your new vehicle can be difficult. The first thing you may ask yourself is: should I buy or should I lease? Both choices offer unique benefits. We here at Honda Kingsport believe this decision is very important but doesn’t have to be so difficult. That’s why we’ve made a list for you that sums up the benefits of both so you’ll be able to make an informed decision that works best for you. Once you’ve settled on leasing or buying, feel free to contact us with any questions you might have or stop by and check out our inventory at our dealership at Honda Kingsport, located at 2217 E Stone Dr, Kingsport, TN 37660. We would love to serve you and anyone in Bristol and Johnson City, as well.
Freedom of choice is one of the best benefits of leasing a vehicle. When leasing, customers have the option to drive a new vehicle every few years if they choose and postpone the purchase decision without the inconvenience of having to sell or trade the vehicle.
The average leasing terms range anywhere between 24 and 60 months. The smaller the term, the more affordable the payment. Plus, you’re able to choose your mileage. Those who lease 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 lowered. Also, if you are not ready to put down a large down payment, then leasing may be better for you, as there are leasing options that require $0 down.
Since most leases last for two to three years, your vehicle is generally covered with warranty protection for as long as you have it. So you don’t have to worry about some unexpected maintenance or repair costs.
When your lease ends, you simply return your vehicle and pay any remaining fees (such as for excess mileage or wear and tear) and taxes. If you’ve decided that you’d like to keep your vehicle after your lease is up, 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 best benefit of buying your next vehicle instead of deciding to lease. If you ideally want 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 provides you with the option to customize your vehicle to match your lifestyle.
When financing your vehicle, only you are accountable for the miles you drive and you don’t have to worry about going over your mileage like you do when leasing, which could cost you fees. While leasing requires that you plan 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.
When buying a vehicle, you have two options: financing it or just buying outright with cash. If you buy with cash, you immediately own the vehicle and don’t have to worry about monthly payments. If you choose to finance through a payment program, you have an extended period of time to pay off the vehicle loan. In any case, we strongly recommend that you acquire the most affordable, dependable and competitive rates possible, like what we offer here at Honda Kingsport.
When you complete your payment schedule, in typically four to six years, you own your vehicle. You can keep driving for as long as you would like without any further payments, or choose to sell or trade at any time. Once you own the vehicle, you are no longer making monthly payments, which means you could potentially place those same funds toward your savings.
When you make your decision, contact us at 423-343-4210 OR stop by our Honda Kingsport dealership at 2217 E Stone Dr, Kingsport, TN 37660 and we can help you with anything you need. We look forward to providing you with top quality service and are proud to serve our customers in Kingsport, TN, as well as Bristol and Johnson City.