Sometimes, the easiest decision when you’re buying a car is deciding on the right make and model for you. Once you’ve discovered Acura, that choice is even simpler. Every Acura model is packed full of the features you want, steeped in performance, and backed by a fantastic warranty. So it may come as a surprise when a difference choice is presented: lease or finance your new Acura? You didn’t see that coming. You may not have realized that leasing is an option, especially if your new Acura is for personal use. Leasing has been commonplace for businesses for decades, but it’s available for anyone. Financing your Acura may or may not be the best way to go.
So which should you choose? Lease or Finance?
Benefits of Leasing
- If you’re someone who likes to change up the vehicle they drive frequently, leasing might be the way to go. Lease terms are flexible, and can be short or long. So if you like to change vehicles as often as your jeans, a short-term lease might be the way to go.
- If you prefer to exchange your vehicle before unexpected costs or maintenance crop up, a lease may be your solution. Many lease terms have warranty coverage throughout so you don’t have to budget for maintenance expenses.
- If you prefer a lower payment to equity in your vehicle, leasing is a good option in many cases. Competitive interest rates and terms can keep your payment low.
- Leases are convenient. Once your term is up, you simply return your Acura and start again. There may be fees required, depending on the terms of your lease.
Benefits of Financing
- If you keep your vehicles for an extended length of time, financing is likely your best bet. While you have the option to buy out a lease, a financing term will usually yield lower costs over the long run.
- If you drive excessive amounts of miles, financing is probably your better choice. Leases come with distance limitations, and high costs if you exceed your mileage allotment. With financing, you can drive as many miles as you want.
- If you want to own your vehicle outright at some point, choose financing. Once your financing term is complete, your car is completely yours, without any car payments!