Back in 2016, there are more than 4 million cars that were actually on lease. Basically, this is a record high and a number of experts do believe that this trend will keep rising in the next few years. This is due to the reason that consumers find it quite costly to buy vehicles like SUVs and trucks. Not only that, average finance payment was around 120 dollars that is above the average lease payment. The great thing is that, leasing a car at Don Wessel Honda will help you not to spend this much.
As you read this article, you are going to learn the most important things to know when talking about financing and leasing that way, you’re mindful of all the buying options that you got.
Being able to know whether to buy or lease a car is already a challenge in itself. Luckily, there are major differences between these two options that can help in clearing your mind and come up with smarter decision.
Number 1. Ownership – buying a car means that it’s 100 percent yours. The car will be put under your name and you can sell it soon after for a newer model. You can even modify or customize it according to your preferences. On the other hand, if you have elected to consider leasing a car at Don Wessel Honda, then you do not own the vehicle. As soon as the lease contract expires, you will have to return it. It is possible to modify the car but, you need to remove all mods you have installed on it after the end of lease.
Number 2. Costs – the cost of buying a car and leasing a car at Don Wessel Honda are totally different. It is because of the reason that when buying a car, the money you’ll be forking out for it will go to registration, the down payment or the car itself and taxes but with leasing, you simply have to cover for the security deposit, the down payment, registration and acquisition fee taxes and the first month’s payment. Say that you make monthly payments on the purchase, then you’re likely to pay higher monthly loan payments than you have to if you lease.
Number 3. Contract termination – like what said earlier, you have all the reasons and rights to sell your car if you buy it. But when leasing a car at Don Wessel Honda, when the lease ends, it might cost you more instead of sticking to the original contract. That being said, if ever someone has interests on the car and gets it from the car leasing company, there’s no need to pay for additional fees, which is one good thing about leasing a car at Don Wessel Honda.