When you lease, the leasing company actually owns the car. You will simply be paying for the depreciation. On the other hand, when you buy a new car, you have to take out a loan. While the car ownership will belong to you, you will have to repay the loan in monthly installments. However, once all the payments are made, the car will be entirely yours, and you can choose to keep it or sell it to someone else.

Pros of Leasing a Car

One of the most highlighted advantages of leasing a car is that you only have to pay for a fraction of the car's original worth. For instance, if a Honda is priced at $28000, but you only want to use the car for 3 to 4 years, you will pay half the price at $14000. As a result, your monthly payments will be considerably lower. However, leasing a car means you will have mileage limits to follow. You'll be charged an extra mileage fee if you go over the limit.

Pros of Buying a Car

When you buy a new car, you will have complete ownership. Moreover, you can drive it for as long as you want without any mileage limits. Plus, car manufacturers might even offer cash discounts when you purchase a new car.

And assuming to purchase a car built for the long-term, you can drive it without restrictions for as long as you want till it needs major repairs. But with all the loans and taxes, the overall cost of the car will become higher.

Get Your New Car at Winnipeg Honda

Should I buy or lease a new Honda? Ultimately the decision is yours! At Winnipeg Honda, we offer both options. Call (204) 261-9580 for more details.