Should I Buy or Lease a Car?

Tiny car with keys

Whether you’re getting your first vehicle or it’s been a hot minute since your last car, you might be wondering if you should buy or lease a car in Helena. Not one is necessarily better than the other, but one is probably better for your budget and needs. Discover the benefits of both options in the following leasing vs. buying guide before figuring out which one is best for your next new or pre-owned vehicle!

The Benefits of Leasing 

When you lease a vehicle, you are essentially renting your car for several years. While you don’t get to build equity or sell the vehicle, you only have to pay for the depreciation that occurs over the duration of the lease term. This translates to lower monthly payments and a smaller down payment. You also won’t have to pay as much sales tax! Once your lease is up, you can renew it, swap it out, end it, or finance the remaining value of your lease. If you just want a different car once in a while without having to be responsible for all that comes with being a car owner, then leasing is right for you! 

The Benefits of Financing 

If you don’t lease in Missoula, then you’ll likely finance a car. This means you take out a loan on the full value of the vehicle with the intention of owning it. The full value of a vehicle will be more than the depreciation over a temporary lease period, so expect to make a larger down payment, pay more sales tax, and make bigger monthly payments. 

In exchange for paying more than you would with leasing a vehicle, you will have full control over the car. This includes being able to sell the car at any time, customizing it however you like, and more! It is your car and you can do what you want with it. Financing is almost always the most cost-effective strategy, so if you’re ready to make the commitment to a long-term investment, then this is the choice for you. 

Explore Leasing vs. Buying Options With Honda of Great Falls 

Whether you decide to lease or buy a car near the Lewistown area, Honda of Great Falls will help you discover your options before choosing the most favorable one. Apply for financing online and feel free to reach out if you have any questions! 

 

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