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Proctor Honda Of Tallahassee, FL - Should You Buy Or Lease A New Car?
The answer depends heavily on your personal preferences and lifestyle.
It is true that monthly payments are typically less when leasing a car than those associated with buying. This is because when you lease a vehicle, you are paying for the depreciation value of the vehicle (along with interest charges, taxes, and fees) instead of paying for the full purchase price of the vehicle.
In addition to this, the down payment on a lease is often much lower than when buying a car. This combined with a lower monthly payment often allows people to “afford” more expensive models or higher trim levels than they may necessarily be able to buy.
However, at the end of a lease term, you don’t own anything. You must then decide whether to buy the car outright or move on to another lease.
At the end of a car loan term, you will own that vehicle in full. Though it may have depreciated over the years, you still have equity, or cash value, in the vehicle. So you may continue to drive the vehicle without making monthly payments or you may sell it.
One huge perk to leasing a vehicle is that it is almost always under warranty during the lease term. Factory warranty will cover any mechanical repair not related to accident or abuse, which means that drivers who chose to lease may avoid repair costs associated with their vehicle.
When buying a car, the owner will typically own the vehicle longer than the factory warranty lasts. This means that as the car ages and is subject to standard wear-and-tear, the owner will be responsible for the cost of maintenance and repair.
3. Freedom
Do you mostly use your vehicle for general commuting purposes- going to work, running errands, driving around town? Or are you someone who enjoys using your vehicle for frequent travel?
Leases have mileage restrictions while loans to purchase do not. Most leases allow between 10,000 and 15,000 miles per year. If this mileage is exceeded at the end of the lease term, drivers have to pay for the miles that exceeded your limit. Depending on the automaker, these overage fees can be up to $0.50 per mile! Even though Honda’s fees don’t exceed $0.20 per mile, your projected mileage is still a valuable consideration when chosing to lease or buy!
4. “Bells & Whistles”
Car safety, technology, and features are constantly evolving. Proctor Dealerships have been around since 1910, with Proctor Honda opening its doors in the 1970’s. The amount of improvement that has occurred in automotive design, engineering, and manufacturing during our years in business is incredible!
As a driver, if you are someone who always wants to experience the latest and greatest features that a vehicle has to offer, then leasing may be for you! Since most lease terms are three years, this means that drivers will be trading in vehicles regularly and will be able to experience all that a new car has to offer quite often.
However, if saving more money in the long-run is of greater value to you than always driving a new car, buying is always a great option! If you plan on owning your car for a long time, be sure to do your research to find a vehicle that has the optimum safety, technology, and design features for your needs.
5. Parting Ways
Though it may be hard to imagine right now, as you excitedly research your new ride, one day you will likely part ways with it. Your preferences for “parting ways” with your vehicle are actually a valuable consideration when deciding whether to buy or lease.
For some people, leasing may be an attractive option since they are able to avoid the perceived hassle of selling or trading in their vehicle. For others, it provides peace of mind to know that when they no longer want to own their vehicle, they can sell or trade it for cash.
Occasionally life will throw a curveball- such as unexpected home or medical expenses or perhaps the loss of a job. Lease contracts are more challenging to get out of early, whereas a purchased car can always be sold to free up some cash. For these reasons, it’s important to consider how financially flexible your situation may be in the long term.
Testimonials
Mike H.
Ronald J.
“ It was an easy and pleasurable experience buying our new Honda CR-V through Proctor Honda of Tallahassee, Florida. As shown in the picture: The weather has turned cold, but I will be warm, thanks to the seat warmer in my hot new Honda CR-V from Proctor’s Honda. ”
Sandra B.
“ I love Proctor Honda, I drive from Panama City for service at Proctor. Everyone is very professional and friendly. ”
Emma K.
“ I LOVE MY HONDA ACCORD and we love working with Michael Grindberg at Proctor Honda!! He always takes excellent care of our family! ”
Emily E.
“ Each buying experience with Proctor Honda gets better and better - and they are so patient with my back and forth on color selection! No hassles and a seamless process will keep us coming back again and again. ”
Stephen T.
“ My experience at Proctor Honda has been nothing short of excellence. The staff was very kind and motivated to find the right car for me. My salesman, Will, helped me find the right car for me and I couldn’t be happier. Thank you, Proctor Honda! ”
Katie D.
“ My sales person was Stuart and he was the absolute best! My whole experience from start to finish was awesome! Everyone was friendly and fast!! Thank you! ”
Caryl P.
“ I have purchased 3 Honda’s from Terri Rutledge, 2 Pilot’s and now a Passport, only to have the best service, she is knowledgeable and always very pleasant. The service department which I have frequented often with Sheila Walker as my representative has been on time and has given me all the information I need to take care of my investment. All the employees are always friendly and go out of their way to help. I highly recommend Proctor Honda to my family and friends. Thanks for this opportunity. ”
Garet H.
“ We drove all the way from Auburn, AL to Tallahassee, FL to purchase from Proctor Honda because the price and service were so great. We literally found the car we wanted online and called Proctor Honda and spoke to William who got our information over the phone and had us approved within a couple of hours. We were able to drive down the same day and pick up our new car. Super easy, very fast, and very friendly! Thanks William!! ”
Shirley Ann F.
“ When I walked inside the dealership a friendly guy named Todd made my car buying experience awesome and I will forever be grateful because I always dreamed of owning a Honda Accord since I was a little girl and Todd made that happen for me. Since then I have told many people about Proctor Honda and they have also had an awesome experience with the team there to get into the vehicle of their dreams. ”
Sarah R.
“ While looking for a new vehicle, the staff at proctor Honda of Tallahassee were very friendly and knowledgeable of the vehicles on their lot. The sales representatives there that day took the time to answer all the questions we had about any vehicle we looked at. In the end, we noticed this beautiful Civic that spoke to us and we had to have it. ”
Sheena C.
“ We came to Proctor Honda in Tallahassee looking for a used Honda Accord but after talking to our salesman, Todd Thibeault, we wound up buying a brand new CR-V off the showroom floor. He was very nice and easy to deal with as was all the staff that helped us. I enjoy driving the car and get compliments on it every day, we will be buying one for my husband very soon. ”
Toni Y.
“ Special thank you, Zach, in the service department when my 2003 Honda Civic had engine trouble January 8, 2020. I had planned to buy a car later that month and/or rent a car that day. My Civic was not worth repairing. Luckily while my Civic was being serviced I met JR who worked with me so that I could leave with my brand new Honda CR-V that day. Thank you JR and thank you, Proctor Honda. And thank you for the delicious cookies. ”
Sherry H.
“ One of the best car buying experiences I ever had was with my very outstanding salesman, Greg Miller, along with the great atmosphere and nice people. I did my application online and it was very amazing. All I had to do was sign and ride. I highly recommend anyone who’s looking to purchase a vehicle that Proctor Honda is the place to go!! Thanks, Proctor Honda❤️ ”
Colleen S.
“ My name is Colleen and I have had fantastic service from Proctor Honda from the buying process of my Accord to every single service visit thereafter. This is my first Honda - I never used to go to a dealership for regular service but Proctor is so attentive, thorough, kind and professional - it’s a joy!. I have never had a bad experience in the almost six years I’ve been a customer. PS - my neighbor’s cat, Emmett, is in love with my car, as you can see. Proud Accord owner since 2014 ”
Carolyn R.
“ I love my 2013 Civic, which I as a Grandma use quite often to take my grandchildren to parks and on our little field trips. I have always had my car serviced by Proctor Honda. From the moment I arrive the technicians and service personnel keep me informed on the progress of my repair and inform me if other issues are found. Safety is my most important issue as I travel with my special passengers. When I leave I know the car is safe and while I am waiting the coffee and snacks are pretty good. I think the service will keep me coming back. Good Job ”
Adam E.
“ Our buying experience at Proctor Honda could not have been better! There were no high-pressure sales, but Mary, the team member who sold us our new baby, "Silver Bullet," was incredibly kind and knew her stuff! My wife had just been in a devastating car accident that totaled our previous Pilot, and she will never again drive anything but a Honda Pilot (and I don't blame her). We did not need any additional stress, and Proctor got us back on the road with an awesome, immaculate, fairly-priced vehicle in tip-top shape in just a couple hours. Every detail was perfect. Thank you so much, Proctor and Mary! ”
Jessica B(Financing)
“ Bruce is always super friendly and fast and efficient! Andrew went out of his way to fit me in and do a appraisal knowing I'm not ready to buy, but because I needed the info for my current loan. The finance department also gave me paperwork that I also needed, and explained the next step in process. Thanks Proctor!! ”
Denise W(Financing)
“ Had a great experience. Todd was very helpful and patient, not pushy. The man in the finance department was very nice and was not pushing me to buy extras that I did not want. I am loving my new Pilot. ”
Keila A(Financing)
“ I really loved our experience buying a car from here. They worked with us on payments and answered any questions we had. They were fast getting all the paper work set up as well so we could leave as soon as possible. ”
“ We came in for service on our Proctor Honda Civic on a Saturday and there was a price and financing special that was too good to be true, except that it was true! I test drove the Ridgeline at lunch on Monday and accepted delivery that same night. It was a breeze! ”