Buying a car is one of the biggest financial decisions you make. But how do you know if you should buy or lease a new car? The short answer: it depends. There are many pros and cons to both buying and leasing. Our experienced team at Napleton's River Oaks Honda put together a few tips.

Leasing a New Honda

Pros:

  • Cheaper monthly payment
  • Lower, or no, down payment
  • No long-term commitment
  • You drive the car during its most "trouble-free" years
  • Dealerships often provide free or discounted services, such as oil changes, maintenance, etc.
  • You don't have to worry about selling the car or the value the car has lost
  • There are often tax advantages to leasing a car for business owners
  • You pay less sales tax

Cons:

  • At the end of the lease, you don't own anything
  • You must keep your car in great shape
  • There are mileage restrictions
  • Continuing to lease vehicles is often more expensive over time than buying
  • Canceling a lease can be difficult and costly
  • You, typically, can't modify your car with after market parts or accessories

Buying a New Honda

Pros:

  • You'll eventually have no car payments
  • You can modify your car as you please
  • There are no mileage restrictions
  • There are no wear-and-tear fees
  • You can sell the car whenever you want
  • You can use the car as a trade-in towards your next car

Cons:

  • Higher down payments than a lease
  • Higher monthly payments than a lease
  • Higher maintenance costs after warranty expires
  • Your responsibility to sell the car

So should you lease or buy a new Honda? As you can see, it depends on your situation. If you want to get a car for less money, or if you want a new car every few years, leasing if often the best route. If you want the freedom to do what you want with your car, or if you plan on keeping the car for a long time, buying a car is often the best option. 

If you have any questions, our team at Napleton's River Oaks Honda can help. Whether you need a new car for your daily Chicago commute or an SUV to go on a family road trip, we want to help you make the right decision. 

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