Leasing is one very common option people resort to nowadays when they want to get into a new car fast, easy and with minimum costs. However, what they do not usually take into account is that the taxes and fees they have to pay can increase in time and they may end up paying more compared to actually buying the car. Edmunds opinion on the Honda Odyssey price is that it is actually reasonable and it can match nearly any budget. Below there is a list of reasons why purchasing a car is better than leasing.
The mileage restriction is no longer a problem
Most lease payments are based on driving the vehicle nearly 11,000 miles per year and in case you exceed the limit, you are charged for each extra mile. Many people do not take this into account and end up driving a lot more than expected, thus spending a lot more money. By buying a car, you eliminate this aspect.
Credit requirements are less stringent
Another aspect you should be aware of is that lease payments are usually designed for those with top-tier credit. In case your credit is mid-tier or even lower, you will have to pay more for leasing, a thing which does not apply for used-car buying for instance.
Insurance rates are significantly lower
When going for leasing, you have to finance the whole value of the vehicle over a specific amount of time, which is usually quite short. In such cases, insurance rates are much higher compared to buying a car, especially if it is a used vehicle. Know that the insurance rates can be tailored to your needs and budget when buying a car, which is definitely a great advantage for you.
Registration costs are also lower
Another great benefit of buying a car instead of leasing one is related to registration costs. When leasing a car, the first year of registration is usually included in the lease payments, but the costs can get higher in the second or third year for instance, depending on the value of the car. If you go for purchasing the vehicle instead, the registration costs will not become a bargain to you.
As it can be seen, these are some of the main reasons why you should take into account buying a vehicle instead of opting for lease payments. It works better in your advantage in the sense that you manage to save much more money.