Should I Buy or Lease a Honda?

When considering your next vehicle around Beaverton, you might ask, “Should I buy or lease a car?” Whether you’re planning to buy a new or certified pre-owned model, this is a major decision to make, both for your budget and needs.

At Dick's Hillsboro Honda, we know that buying a car is a time-consuming process, and you want to make the best decision based on the information you have. In the following guide, we compare leasing vs. buying to explore which is more ideal for your current circumstances.

Leasing vs. Buying a Honda in Hillsboro

So, should I buy or lease a car? Leasing a vehicle around West Portland is similar to renting one for a long-term contract. During its duration, you will be locked into monthly payments for a specific amount of time. You won’t be able to build equity as you would from outright buying your vehicle. 

Instead, you’re paying for the ability to use the car for multiple months and an agreed-upon mileage. When your car lease is up, you’ll have the option to trade your vehicle in and replace it with a new one, buy the model outright, or end your lease. Let’s look at the pros and cons of both in greater detail.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You will have smaller down payments when you decide to lease your vehicle around Tigard.
• Worry-Free Maintenance: Many vehicles have a three-year lease. As a result, most repairs 
• No Resale Concerns: When leasing, all you have to do is return your vehicle. If you have exceeded your agreed-upon mileage, or you have wear and tear, you might have some fees to pay.
• Get a New Honda Every Few Years: You’ll be able to return your model every few years, so you get the latest vehicles and newer auto tech every so often. 

Cons: 

• Mileage Requirements: For those drivers who exceed the agreed-upon mileage, you’ll end up paying some fees.
• Consistent Monthly Payments: You will have to maintain your payments on a consistent monthly basis to keep your vehicle throughout your lease. 

Pros and Cons of Buying a Car

Pros:

• Full Ownership: When you buy your vehicle and finish your monthly payments, you will own the model outright. If you consider selling it off or trading it in, you can do so without issue.
• Customize Your Model: Leasing will have multiple rules about what can be done with your Honda option. When owning your vehicle, you won’t have to deal with that.
• No Restrictions: You won’t have to worry about mileage controls, wear and tear, or other issues. Repairs and services are at your discretion. 

Cons:

• Higher Monthly Payments: Leasing a vehicle means lower monthly payments for the same Honda model you might be considering buying. 
• Rapid Depreciation: New Honda cars lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: For those trying to get approved for a loan, you should consider making a lower down payment to do so. Leasing a vehicle means less chance of this occurring.

Buy or Lease Your Next Honda with Dick's Hillsboro Honda

Now that we’ve summarized everything you might still be asking, “Should I buy or lease a car?” As we said before, this depends entirely on your circumstances and what works best. 

Remember, to also review our new and pre-owned vehicle specials to see what works best for your Beaverton commute. If you’re not sure of what model you want, use our vehicle finder service to sort through our available options. Find the ideal car for your West Portland rides with Dick's Hillsboro Honda today!