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 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 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 RiverTown Honda dealership in Grandville, MI.

Buy vs lease banner 734dd72ad16ebf5ef127af7e0d305c37df610fe52d6705ebf61e95ac1c801583
Buying facts ec50cbf732458255ee3ad330ed9e0c5cc81e807f51830581d29b11b74b96efd3
  • 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 da3d3f6712ba5cae7fdd969a96e3b109f71578a3187ff1165eb2d476787ca95e
  • 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 e54f5fa4cdcf46514cc5ac0730fae98c963c1c4cb2c4075209c3b3d41005525d
  • 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 9e3a41a4e9d6cc4ca4949171557d1f8fa5af8e646b26c07e474648f0e0ca0d54
  • 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 ade687000ede57076af6ba63749f73da11c09185914b86bf570befb667b1c442
  • 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 07d38dde0c897d71cd280cf312ccffd693a8201a786329494c99f631c09e0ea7
  • 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 RiverTown Honda

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. 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 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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