Buying Vs. Leasing
Leasing
You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.
Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront.
In most leases you don't end up owning it so you don't end up selling it. That's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.
Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.
Buying
Whether you pay for the car with cash, or finance it and make monthly payments, either way it's yours. Of course, if you're financing it, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don't, they have the right to repossess it.
If you're financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.
Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)
Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.
Helping You Decide Between Financing and Leasing a New Honda in Mission Valley
DCH Honda of Mission Valley has a wide array of new Honda models available, one of which will have all the features and styling details you want on your next ride. Once you choose the new Honda car, truck, SUV, or van that you like most, you'll then get to choose between financing or leasing. Our staff wants to ensure you can make an informed decision that works best for your unique situation, which is why we're highlighting key differences between buying and leasing.
Reasons to Consider Buying a New Honda Model
Would you like to invest in a vehicle that you can call yours for as many years as you'd like? Then purchasing a new Honda model might be the ideal option for you. When you buy a new Honda vehicle from DCH Honda of Mission Valley, you'll get to drive away from our lot knowing you're the sole owner of that model. You'll also be able to customize your ride to your liking since you'll be the owner. Additionally, you won't have to worry about mileage caps, meaning you can drive as much and as far as you wish.
Advantages of Leasing a New Honda Model
Leasing offers a slew of unique benefits that aren't available with financing. For example, when you lease a new Honda model, you'll get to drive that vehicle for a few years, then swap it out to lease a newer, better option when your lease ends. This option is great for growing families that might need more space in the future or drivers that enjoy refreshing their driving experiences with a new vehicle every few years. Leasing also often entails lower payments, something you'll surely appreciate.
Learn More at DCH Honda of Mission Valley
Are you still unsure whether buying or leasing is right for you? Then contact our knowledgeable staff or visit DCH Honda of Mission Valley today for more information.
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DCH Honda of Mission Valley
5812 Mission Gorge Road
San Diego, CA 92120
- Sales: 619-521-6050
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