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Should I Buy or Lease My New Honda?

Are you ready for a new car? Honda has a full line of technologically advanced vehicles ready to put the joy back into driving. Topeka area residents and those living near Baldwin City, Salina, or Lawrence know that it takes more than a good price to make a bargain. Value is what matters. Depending on your driving habits, leasing or buying a vehicle will make the most of your hard-earned dollars. Each option has its advantages, so which is right for you?

Who Owns Your Car?

The primary difference between leasing and buying the vehicle outright is ownership. If you elect to purchase the car, it is solely yours once the loan is paid off. Leasing, however, is more like renting. The payments you make every month pay your Topeka area Honda dealer, such as Sharp Honda, for the depreciation, or loss in value, during the lease period. At the end of the lease, you may choose to pay the remainder of the car’s value and buy it outright. Until you do that, the car belongs to the dealership.

Who Benefits from Leasing?

Leasing a car allows you to drive one of several new Honda cars with a lower monthly payment than buying. This can be a great deal if you like to stay on the cutting edge when it comes to your ride. You still have to apply for financing just like you would with a new car loan, so good credit is usually a must. Leasing is also more suited for individuals who don’t put a lot of miles on their vehicles. Most leases have a mileage limit of 12,000 to 15,000 miles. That may sound like a lot, but you will run through those miles quickly simply running errands around town on a regular basis.

Who Should Buy?

Since a lease is basically a long-term rental, the dealership will require you to keep the car in immaculate condition throughout the term of the lease. Kids, pets, and friends can wreck the interior of a vehicle. Unless you know you can keep it in prime condition, buying is the better option. If your job regularly takes you all over northeast Kansas, you will want to buy. Just driving to Manhattan, Emporia, or Kansas City once a week can quickly exceed the mileage allowance of a lease.

Whether you decide to lease or buy your next car, Sharp Honda is your Topeka Honda headquarters. We offer great customer service, a great selection, and amazing offers on the best cars and SUVs on the road today. Contact us today to learn more!