Buy vs Lease near Newark, NJ

Financing and leasing are your options when it comes to obtaining your next vehicle. However, knowing which one would best suit you can be difficult. We at Metro Honda would like to assist the citizens of Newark in this endeavor! 

Leasing

The first method of obtaining a car that we’d like to discuss is leasing. This agreement can only be applied to factory-fresh vehicles, and does not end with ownership of the vehicle. Instead, you afford the average depreciation rate of the model over two to four years. This rate is dependent on the mileage limit stipulated at the beginning of the contract, so be sure to negotiate this with our team if you’d like to extend these terms so that you can make more visits to The Newark Museum of Art. This plan is usually more affordable than purchasing a vehicle outright, making it a convenient and low-commitment option. Once it ends, you can choose to finance it for its remaining value, lease another car, or simply hand in the keys and walk away. 

Financing

If you’d like to become the owner of the vehicle you are driving, then you’ll likely want to speak with our Finance Department. That’s because they can help you get the loans required to obtain the Honda vehicle of your dreams. You will then be in possession of the vehicle, while also paying off its cost for around four to seven years. While this may require more time and money out of you, knowing that you'll no longer be required to make monthly installments eventually may be comforting. Not only that, but you can make physical adjustments, such as exchanging the wheel covers or getting a new paint job. 

What’s Best For You?

If you’re not sure which plan best suits you, you’ll need to give some thought to your lifestyle. Do you make many trips across Highway 21? Then the increased mileage you accrue may not be compatible with a leased vehicle. Are you currently working within a tight budget? Then you may want to avoid financing due to the increased price tag. You’ll also want to think about if you are okay with essentially renting the vehicle, or if you would prefer to own it one day. If you have any more questions about either path that you’d like answered, contact us today!