There are benefits to both Leasing and Buying a new Honda from Manchester Honda.
The decision to lease or finance depends on many factors, but most customers make the decision based on monthly payments and how long they typically drive their vehicles.
In general, customers who lease prefer to drive a new car every 2-3 years and appreciate making lower monthly payments. For certain business customers there may also be additional tax advantages with leasing.
Customers who finance their vehicles tend to drive them for 5 to 10 years and appreciate driving without mileage limitations.
Below are some benefits of both leasing and financing through Manchester Honda.
In a lease, you do not purchase an automobile. You contract to use it for the first, and best, period of its life. Following are some additional benefits to leasing a Honda from Manchester Honda.
Less Cash Up Front - One of the biggest advantages of a lease is that it does not usually require a substantial down payment. In Connecticut, you even pay the sales taxes as part of your monthly lease payment, rather than in a lump sum.
Lower Monthly Payment - If the finance period is the same, your monthly payments will be lower when leasing (vs. financing) because your payments will be based on the vehicle's estimated depreciation. (You are contracting to use a portion of the car's value, rather than buying the entire car.)
A New Car More Often - Your taste and preference may change, and a short-term lease makes it easy to drive a new Honda more frequently. Additionally, you may have needs for a larger or smaller car in a few years, and a lease makes it easy to plan for such changes.
Guaranteed Future Value - You don't have to worry about resale value. If your car depreciates more than the estimated residual value in your lease contract at full term, you can turn it in at the end of your lease term. But if it's worth more, you can buy it and keep it or resell it. A lease gives you an option.
If you typically keep your vehicle for five to ten years, then financing may be your best option. Honda Financial Services may be your best choice in financing your new vehicle, with competitive rates and terms designed to meet your needs.
Pride of Ownership - Ownership can instill a sense of pride. It can also build equity. Payment by payment, an owner's equity may increase.
No Restrictions on Mileage - This is important to consider if you drive more than 12,000 to 15,000 miles per year.
Make Changes to Car's Appearance - You can alter the interior or exterior to suit your taste (though your choices may affect the resale value.)