Lease vs Buy: Which Auto Financing Option is Right for You?

 

Sales Hours

  • Monday 8:00am - 8:00pm
  • Tuesday 8:00am - 8:00pm
  • Wednesday 8:00am - 8:00pm
  • Thursday 8:00am - 8:00pm
  • Friday 8:00am - 8:00pm
  • Saturday 8:00am - 6:00pm
  • Sunday Closed

Wondering if you should lease or buy your next new car?

We here at Charlie's Honda know that every driver is different, and not everyone is looking for the same thing. That's why we're proud to offer drivers in and around Augusta, Waterville, Lewiston, Auburn and Camden, ME the opportunity to competitive Honda lease options and more traditional financing with affordable car loan rates.

Whether you choose to lease or purchase your new Honda from us will depend on a few things. There are benefits to both leasing and buying, and they're usually specific to the driver. We'd like to explain some of the differences between leasing or buying a car.

Benefits and Drawback of Leasing a New Car

Leasing offers many benefits you can't get with a purchase. If you're the kind of driver who tends to be drawn to newer vehicles and doesn't necessarily want to commit to a purchase, then leasing a new Accord or CR-V is probably a good idea for you. You can enjoy a brand new vehicle without depreciation and sometimes for a lower monthly payment than when you buy. When you lease you're able to:

  • A monthly lease may offer lower monthly payments
  • Drive a brand new car every few years
  • Lease a brand new vehicle when your original lease is up
  • Eventually purchase your leased vehicle if you decide to keep it
  • Renew your lease if you want to keep driving the same vehicle
  • Cannot alter it or personalize it in any way 
  • Mileage restrictions usually apply

Benefits and Drawbacks of Buying a New Car 

Purchasing allows for much more freedom and once you pay off your loan, you will own your vehicle outright. In this regard we are talking about buying a car with a traditional auto loan. So if you know you drive from Maine to far-away locations often, the you may not want to be limited by the mileage restrictions of  a lease. Purchasing your vehicle allows you to:

  • Avoid mileage limitations
  • Add any personalization, decals or accessories without pentalty
  • Drive with the confidence that you own your vehicle and don't need to return it in any specific condition
  • Sell it at any time and keep the funds
We hope this information helped you out a little bit regarding your decision to lease or to loan a new Honda from us here at Charlie's Honda. Looking into a Honda lease near Auburn or Bangor? Come on in today and we'll get you outfitted with a great new Honda and the ideal financing plan for you.