If you like to drive newer, safer, more reliable cars or trucks, not commit to a considerable down payment every few years, and also don’t drive an enormous amount every year, then a new car lease should be better for you. Leasing is intended for those who prefer to bypass the hassle of selling and buying every time they want to upgrade to a new car, truck, or SUV.
On the other hand, if you like long term relationships with a greater sense of commitment and ownership, then buying may be what’s best for you. Car-buying is typically best for people who don’t mind driving the same car for over five years or even until it’s no longer fit for the freeway.
Being aware of the pros, cons, and overall benefits of buying vs leasing a car or truck is critical. Be sure to look at potential savings, vehicle ownership, monthly payments, and repair costs when considering the best new vehicle financing type for you.
When it comes to vehicle financing, new car, truck, or SUV ownership absolutely comes with many advantages, most associated with entire ownership of the car, truck or SUV. You may not be aware, however, there are also some great benefits of leasing, as well. It’s imperative to consider all financial aspects including monthly payments, down payment, term length, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A meticulous study of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the best choice between leasing and buying a new car or truck.
Car, truck, or SUV lease payments are often less expensive in comparison to auto loan and car financing payments as the typical lease deal is more-or-less renting with the option to buy out at the end of your lease term. Remember when leasing that you’re going to need a healthy credit score, and will be required to carry collision and comprehensive insurance, although the same can be said for the better rate auto loans. Although it might likely increase your monthly payments, it is also wise to choose a model with the features you need or want, as personal satisfaction is often priceless.
Auto leases often include regular vehicle maintenance & repair. It’s important to remember this when calculating monthly costs of leasing vs ownership. No matter what make and model you buy, mechanic bills are an uncertain cost that can quickly add up. And for those who are not certified mechanics with a hydraulic jack and full toolset in the garage, leasing can be the best option for peace of mind.
In general, a new car, truck, or SUV lease saves money in the short term with lower monthly payments, while buying gets you a long term investment, meaning absolute ownership of the value of the car at the time it is traded, sold, or paid-off. For best value on a lease, avoid lease return fees for terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For maximizing investment on a purchased/financed vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.
| Lease | Buy | |
| New Vehicles | Available | Available |
| Pre-Owned Vehicles | Not Available | Available |
| Vehicle Customization | Not Available | Available |
| Poor Credit Financing | Not Available | Available |
| APR % | Credit-Based | Credit-Based |
| Ownership | No Ownership | Pride of Ownership |
| Down Payment | Smaller Down Payment | Larger Down Payment |
| Monthly Payment | Smaller Monthly Payments | Larger Monthly Payments |
| Savings/Investment | Short Term Savings | Long Term Investment |
| Finance Term | Approx. 2-4 Years | Approx. 3-6 Years |
| Maintenance & Repair Costs | Typically Included | Not Included |
Fernandez Honda knows that choosing the right Honda car and financing option is never easy. Our team of experienced Honda lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location in San Antonio, TX. We look forward to serving you.
Awesome experience buying my Civic Type R! I drove up from Austin to purchase! Shout outs to Joe Ramirez, Joe Campos, And Akaki for making the whole process smooth. The rest of the staff was also very friendly! By far the best dealership experience I’ve ever had! Thanks everyone!
Elias provided outstanding service after pin pointing an electrical problem covered by extended warranty. He scheduled an appointment & resolved the matter! Outstanding! Thank You! Graciela
Great and friendly customer service. Geoffrey was a great help while I get oil changed. Was faster than I thought it was gonna be! Thanks to everyone at Fernandez Honda for always be great!
Fernandez Honda showed great concern for customer satisfaction and were very helpful in addressing any issues that I had with my used car purchase. The new car sales manager, Gilbert Martinez, was particularly attentive and quick to respond to my calls. I am very grateful to the company for the excellent follow-up service that was afforded me after my purchase was completed. I would definitely recommend Fernandez Honda to anyone considering buying a vehicle.
I was in the market for a new vehicle and went through several sources and couldnt decide. A friend recommended I go see her salesman over at Fernandez Honda. Joe Campos was very professional and made my experience wonderful. It was the best decision I could make. Thank you to all the staff at Fernandez Honda, especially Joe Campos, I will be back when my daughter needs a car!!!
