• Honda

Ray Price Honda

505 Fawn Road
Directions East Stroudsburg, PA 18301

  • Sales: (877) 891-3485
  • Service: 866-618-5455

Buy vs. Lease a Car

When it's time to choose your next car, there are many factors you need to consider before you go scouring the East Stroudsburg, Arlington Heights, and Marshalls Creek area. While determining which model, what type of engine, and the optional amenities is crucial, the most crucial element to consider before finalizing and signing the papers is the decision to buy or lease. Which option works better for you?

In this article, our team at Ray Price Honda is going to show you the buy vs. lease pros and cons. By learning more about each option, you'll be able to figure out which avenue is better for you. This article will help you when it comes time to make a buy vs lease decision.

Buy vs. Lease a Car: Pros and Cons

The most obvious benefit to buying a car is that once you buy it, you own it. You can do whatever you want with it because it's yours. You can add accessories, paint, or new interior styling. When you're ready, you can sell it any time you want.

Buying a car is regarded as a strong economic choice because you're paying for the car, and the money you spend is going towards ownership. You can go on a lengthy road trip across the country, or you can simply use it to get you to the corner store. However, there are a few cons you should be aware of when buying a car.

When you buy the car, you need to put down a larger sum of money as your down payment. Once you drive off the lot in your new car, it depreciates in value by roughly nine percent. While it's known that you won't get what you paid for when you sell the car, you may get even lower depending on the market and how you cared for the vehicle.

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Could Leasing Be the Right Choice for You?

If you're unsure of what kind of vehicle you want to buy, you may want to lease. For a short period, you can drive a car around for a smaller monthly payment than if you would've purchased the car. You also get a few warranties that can cover maintenance and service for a limited time. When your lease is up, you simply return it to the dealership, or you have the option of purchasing the car.

While leasing a vehicle is a great way to get you from A to B, you can hold off on the vehicle purchase until you're financially and emotionally ready to buy the vehicle. Despite the convenience, you should know there are a few cons that may alter your opinion.

During a lease, you get a set amount of miles you can put on the vehicle, meaning that your driving should be limited and any major road trip you wanted to embark on needs to be planned right down to the mile. When you go over miles, you'll owe a small fee per mile, which can add up.

The vehicle needs to be in pristine condition when you go to return it. Any scuff, scratch, or stain will result in a charge. Another factor is that when you lease the vehicle, getting out of the lease can have extra charges, so you're pretty much stuck with a vehicle you're not a fan of.

Buy vs. Lease: Decision

Now that you know the pros and cons of both buying and leasing, you know what your options are. You should make the decision that's right for you. When you're ready, stop by and see us at Ray Price Honda. We're always happy to help drivers from the East Stroudsburg, Arlington Heights, and Marshalls Creek area make the decision that's right for them.

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