Compare Buying vs. Leasing Options – What’s Right for You?

If you’ve suddenly found yourself in the market for a new car, truck, SUV, or crossover, one of the most important decisions you’ll need to make is whether you want to buy a new or used vehicle, or lease a new vehicle. At Serra Honda Grandville (formerly RiverTown Honda) we know that buying or leasing a vehicle is a big investment, so we want to help you make the right decision for your driving style and budget. Even if you’ve already got your heart set on one of the two options, it might be a good idea to review the facts, pros, and cons of each to ensure you’re making the right decision. We want to make sure that you have been provided all the information you need to make that decision confidently.

If you haven’t decided whether you’ll be buying or leasing a car, don’t worry! We’ve got you covered at Serra Honda Grandville (formerly RiverTown Honda). We’ll go over all the basics of buying vs. leasing by comparing the options side by side listing the facts, pros, and cons. Before we get started, here a few things you might want to consider that will help guide your decision:

  • The Type of vehicle you want
  • Your daily commute distance
  • Maintenance cost
  • You driving habits
  • Your monthly budget

While we can’t make the decision for you, the options below highlight the factors of buying and leasing and can help you decide what’s right for your lifestyle. While leasing might be right for you, it may not be for the next person. Each person has their own driving style, habits, and vehicle needs and it’s up to you to decide which option fits you the best. If you have any questions about leasing or buying, give us a call at (855) 739-2023. Our team of knowledgeable auto experts is happy to help with anything you need at our Serra Honda Grandville (formerly RiverTown Honda) dealership.

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Buying facts
  • You drive only 1 vehicle for 60+ months
  • No limit on mileage
  • Buyer pays for the full cost of the vehicle
  • You can trade-in or sell your vehicle anytime
  • Maintenance must be covered by owner or warranty
  • Monthly payments vary depending on down payment and APR
  • Buying builds the buyers' equity
Leasing facts
  • You can drive up to 2.5 vehicles over a 60-month period
  • Lease periods can last 24-72 months
  • Certain mileage amount allowed per year
  • Minimal maintenance is required
  • Monthly payments vary
  • Lease price is based on percentage of vehicle cost & length of lease depending on down payment
Buying pros
  • The vehicle is completely yours after loan is paid off making it more cost effective for some in the long run
  • No limit on mileage
  • No monthly car payments once the loan is paid off
  • Buyer has the ability to customize or modify vehicle
Leasing pros
  • Maintenance costs are sometimes included in lease
  • You can drive a new car about every 2-3 years
  • You’ll always have the latest features and a new vehicle
  • Lower up-front costs
  • Possibility of lower monthly payments
Buying cons
  • Monthly payments are typically higher
  • Down payment may be more expensive
  • Potential hassle to sell the vehicle later on
  • Vehicle value depreciates quickly
  • Maintenance costs are your responsibility
Leasing cons
  • Restriction on miles you can put on the car
  • You’re responsible for damages, wear, and tear
  • Early lease termination can be expensive
  • You don’t own the vehicle
  • You cannot customize the vehicle

Read More About Buying or Leasing a Vehicle from Serra Honda Grandville

Now that you’ve compared the two options, you can learn more in depth about either process by visiting our How to Buy and How to Lease pages found in the menu on the left side of this page. If you’ve made your decision and are ready to start shopping for your vehicle, check out our inventory online. We offer a vast selection of new, used, and certified pre-owned Honda cars, trucks, crossovers, and SUVs to choose from. Serra Honda Grandville (formerly RiverTown Honda) is located at 4260 Kenowa Ave. SW, Grandville, MI 49418. We’re proud to not only service our neighbors in Grandville, but also in Grand Rapids, Wyoming, Kentwood, Comstock Park, Rockford, Holland, and all of West Michigan!

Whatever your needs or budget, we’ll help you find the perfect solution to fit your lifestyle. At Serra Honda Grandville (formerly RiverTown Honda) we’re here to help you throughout the entire process of buying or leasing a car, truck, SUV, or crossover and want you to feel confident about your decision in the end. If you have any questions about whether buying or leasing is better for your individual needs, give us a call at (877) 236-9113. We’re happy to answer any questions you might have regarding buying or leasing.


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