When you're looking for a new vehicle, the initial question that comes up is usually whether to lease or to buy. It can be an overwhelming process sometimes, but Honda Morristown is more than ready to help you through it. We want to take care of our customers from the time they look at our website and long after they drive off our lot. That's why we've provided this information on buying versus leasing -- because we know that there is a lot that goes into this decision. When you've settled on buying or leasing, feel free to contact us with any questions or concerns. We have a variety of financial options to pick from.
Freedom and flexibility are two of the best benefits of leasing a vehicle. When leasing, customers have the option to drive a new vehicle every few years if they choose and postpone the purchase decision, without the inconvenience of having to sell or trade the vehicle.
The average leasing terms range between 24 and 60 months. With shorter terms, this enables you to make affordable payments. Plus, you're able to choose your mileage. Lessees are normally given 12,000 or 15,000 miles per year, but if you need a higher mileage limit, you're given the choice to purchase more miles at signing.
Because you're only purchasing the right to drive a vehicle for a specific period of time, your financial responsibility and your monthly payments may be significantly reduced. Also, if you are not ready to put down a large down payment, then leasing may be better for you, as there are leasing options that require $0 down.
Because most leases last for two to three years, your vehicle is generally covered with warranty protection for as long as you have it. So you don't have to worry about some unexpected maintenance or repair costs.
When a lease ends, you simply return your vehicle and pay any fees remaining (such as for excess mileage or wear and tear) and taxes. If you've decided that you'd like to keep your vehicle at lease-end, you can also take the opportunity to buy it at a predetermined price. In either case, there's no need for you to sell it or trade it in unless it benefits you.
Ownership is the best benefit of buying your next vehicle instead of deciding to lease. If you are looking to keep your vehicle for an extended time or for as long as possible, then buying is the better option for you. Plus, choosing to buy rather than lease provides you with the option to customize your vehicle to match your lifestyle.
When financing your vehicle, you are accountable for the miles you drive and don't have a restriction on mileage like you do when leasing. Leasing requires that you plan in advance how many miles you will drive each year. Ownership allows you the freedom to drive as much and as far as you desire without collecting fees.
When purchasing a vehicle, you can choose to finance or buy outright with cash. If you buy with cash, you become the owner of the vehicle right away and don't have to worry about monthly payments. If you choose to purchase a vehicle by using a finance program, you have an extended period of time with a loan to pay off the vehicle. For the best outcome when financing, we strongly recommend that you acquire the most affordable, dependable and competitive rates possible, like what we offer here at Serafini Nissan.
When you complete your payment schedule, in typically four to six years, you own your vehicle. You can keep driving for as long as you would like without any further payments, or choose to sell or trade at any time. Once you own the vehicle, you are no longer making monthly payments, which means you could potentially place those same funds toward your savings.
If you’re interested in buying or leasing a vehicle, contact us now, or stop by our dealership at 4190 W Andrew Johnson Hwy, Morristown TN, 37814. We're proud to serve our customers from Morristown, TN and the greater Knoxville, TN area.