In 2016, there are around 4 million cars that were recorded on lease. As a matter of fact, this is an all time high and there are numerous car experts who believe that it will rise up for the subsequent years. The reason here is that, cars especially SUVs and trucks are pretty expensive for consumers to buy. Furthermore, average finance payment was roughly around 120 dollars that is more than the average lease payment. The great thing is that, leasing a car at Don Wessel Honda will help you not to spend this much.
By reading this article, we will be focusing on what you must know with regards to leasing as well as financing so by that, you become aware of the buying options that you have.
Knowing whether to buy or to lease a car is challenging already. The good thing is that, there are key differences between these two things that can clear your mind and these are the following.
Number 1. Ownership – if you opt to buy a car, then it’s yours to keep. The car is under your name and you can sell it afterwards in exchange for the latest 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. You can still modify the car yes but, after the end of your lease contract, you will have to remove everything installed in it.
Number 2. Costs – the costs of buying a car as well as leasing a car at Don Wessel Honda are completely different. When you buy a car, you are paying for its registration, the down payment or the car itself and taxes but when you lease, you only need to cover the first month’s payment, security deposit, the down payment, taxes, registration and acquisition fee. 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 – when buying a car, it’s yours meaning, you have the right to trade or sell it for any model of your liking. However, when you chose leasing a car at Don Wessel Honda, it could just cost you more rather than sticking to your original contract when it ends. But one great thing about leasing a car at Don Wessel Honda is that, when someone likes to buy that car from the leasing company, you don’t have to deal with any additional fees.