You're more likely to buy
- When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. And that can really add up.
- If you like to personalize a car, this investment can be lost on a leased car.
- If you like the idea of ownership, you are less likely to be happy with the lease option.
- If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
- If the car you presently own is over 3 years old you are more likely a buyer. While not always true, you can usually drive for less if you're willing to buy and drive for at least 3 years.
- If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires.
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You're more likely to lease
- Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.
- When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.
- Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
- Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.
- If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.
- If you own the company, and you use your car for business, check with your tax advisor. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.
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If you are thinking about buying a new car, you are probably wondering if it's better to purchase or lease. Both buying strategies benefit drivers in different ways. We invite you to visit Classic Honda of Midland to speak with our finance department. Our team is here to review your options with you and help you choose the best way to buy a car.
When you lease a car, you essentially rent the vehicle for a set amount of time and a pre-determined number of miles. This allows you always to have a new car with the latest features. Leasing a car is also a popular strategy for businesses because a company car is often a tax deduction. If you run a business, talk to your tax advisor about how you might save with a lease from Classic Honda of Midland.
A critical factor in determining if you should buy or lease a new Honda is how much you drive. If you drive fewer than 10,000-miles per year, then it might make sense for you to lease a car. The mileage is included in your monthly payment, and at the end of your lease term, you can trade-in your lease for a new car.
When you lease a new Honda from our local dealership, your car is protected by a warranty that covers the length of your lease, so you never have to worry about expensive auto repairs. A car lease will often include a complimentary oil change. Be sure to ask our team about what auto maintenance is included with your lease and what services are required during your lease.
The advantage of financing a car is that you own the vehicle when your vehicle is paid off. While leasing-to-own is often an option, it's generally the case that you don't have a car at the end of the car lease and need to lease something new. This is why leasing is like renting. You never own the vehicle.
As you can see, both buying strategies have their benefits. Based on your needs, you can see if it makes more sense for you to lease or finance. A downside of leasing is that if you are unhappy with your choice or needs change and need a different vehicle during your lease term, there are often early termination fees if you decide to turn in your vehicle before the end of your lease. When you finance, you own the car and can sell it at any time. Of course, when it comes time to sell your car, you need to deal with the hassle of selling it to a private party when you are ready to upgrade. Be sure to ask our team about how to trade-in your used car at the time of purchase.
Our dealership is always interested in buying your used car for cash if we need it in our inventory. Let us know if you plan to sell your vehicle, and we can give you a free auto appraisal with no obligation.
When you are ready to make your purchase, don't rush to see us just yet. You'll need to bring a few things with you. We'd hate for you to come down to our dealership excited to buy a new car, only to discover you forgot an important document such as your driver's license.
Knowing what to bring with you to our local Honda dealer is as important as knowing which new car you plan to drive home. Once you decide if you plan to buy or lease, decided on the new Honda with all the trim features you want, and are ready to make your purchase, be sure to read our checklist, so you'll be sure to have everything you need.
What Should I Bring With Me When I'm Ready To Buy Or Lease?
- Your driver's license: You'll need your license for proper identification when completing the paperwork and to take a test drive.
- Your Social Security card: Even if you know your social security number by heart, it's a good idea to bring your social security card with you in case you pay cash for your vehicle. Any financial transaction valued at over $10,000 is required to be reported to the IRS.
- Proof of auto insurance: You can't buy a car or drive off our lot without proof of insurance. Drivers are legally required to be insured and must provide proof of auto insurance coverage. This is the case if you buy or lease.
- Your checkbook or wallet: Oddly enough, this is the item people forget most often. You're so excited to take home a new Honda that you forget to bring your money. Whether it's with cash, cashier's check, credit card, or financing, you'll need to pay for the car somehow. Lease and finance agreements often require a down payment.
- Proof of residence, employment, and salary: Depending on your credit score or how much you intend to borrow, you may need to bring these documents with you to determine a finance rate.
- The title to your Trade-In: If you're trading in your car, you'll need to sign over the title to our dealership to show that you are releasing ownership.
- Time To Complete the Sale and Paperwork: Buying a car can take some time. If you're applying for financing or trading in your current vehicle, be sure to allow the necessary time.
See us at Classic Honda of Midland for your next car purchase or lease. We look forward to serving drivers throughout Odessa, Texas.