Compare The Benefits of Leasing vs. Buying

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Stockton 12 Honda

10860 S Automall Dr
Directions Sandy, UT 84070

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If you're looking to get into a new car, but can't decide whether you want to buy or lease here is some information to help you decide which option is best for you.

Leases and car loans are just two different methods of automobile financing. One finances the use of a vehicle, and the other finances the purchase of a vehicle. There are benefits and drawbacks to both. Whether one or the other is more beneficial to you depends entirely on your own personal situation and preferences.

Leasing Benefits - Why Lease?

  • Lower monthly payment! Monthly lease payments are generally lower than monthly loan payments because lessees only pay for the use of the car, not the entire vehicle. Many times you can lease a vehicle with little or no money down, so there is less out of pocket expense at the onset.

  • Upgrade your car more often! If you are one of those individuals who likes to upgrade your phone every time a new one is released, then leasing might be for you since you can essentially do the same thing, just with your car. Having the latest technology or safety (or styles or trends) may be important to you - if so, a lease on a vehicle might be for you.

  • More options! When you lease, you have options available at lease-end. You can choose to lease another of the same vehicle, or purchase the one you have grown to love at a much lower, no hassle pre-determined price. Or, you can turn it in and walk away. Without the hassle of selling or trading in your old car (many times for less than you owe), you can enjoy a simple process that allows you to drive a new vehicle every few years.

  • Little to zero vehicle maintenance! Many people lease for the length of time the manufacturer's warranty is in effect. This way, if any repairs are needed they are typically covered by the warranty. 

Leasing programs through Larry H. Miller Stockton 12 Honda give you the freedom to change your mind every few years, often with lower monthly payments than a loan. Visit us for the greatest lease rates in Sandy, Murray, and the Greater Salt Lake City area. 
Finance Benefits - Why Buy?

  • Ownership. At the end of your loan, you own your car with no payments. You can love your vehicle for as long as you want and it's all yours.

  • No Limits. Drive an unlimited amount of miles with no penalty - if you typically drive your car more than 12,000 - 15,000 miles per year this option is preferable.

  • True Love. Do you get emotionally attached to your vehicles? (C'mon, we know some of you do.) You may want to purchase to avoid the separation anxiety.

  • Asset Retention. When you buy, you retain the benefit of trade-in or resale value. However, since a car is a depreciating asset, you may find yourself a bit upside if you choose to trade unless your loan has been fully paid off by that point

  • Personalize. If you like to customize, modify, or repaint, then buying a vehicle is probably your best choice.

Here is an example of a driver who probably shouldn't lease:

Lease Vs. Buy | Stockton 12 Honda | Sandy, UT 

Questions about leasing vs buying? Let us help!