SALES: 847.695.8000 SERVICE: 847.695.8000 2020 North Randall Road Elgin, IL 60123
Sales: 847.695.8000
Service: 847.695.8000
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Buy vs Lease in Elgin, IL

Buy vs Lease in Elgin, IL

Wondering whether to buy or lease your next Honda? We’re here to help with the answers to a few of the common questions we get from customers when they meet with our sales or finance representatives. Keep reading to learn more and feel free to give us a call at 847-695-8000 to talk with us! 

Contract Length

One of the main differences between buying and leasing is the contract length. The timeline for financing the purchase of a vehicle can vary depending on how much the vehicle costs and your interest rate, but in most cases it will be at least five years, especially for a new vehicle. With leasing, you are essentially borrowing the vehicle for a set period of time, usually around two or three years. This shorter time frame works out well for customers who aren’t sure about a particular model and those who enjoy getting behind the wheel of a new vehicle. Purchasing, on the other hand, is a great option for people who like consistency with their car and want to pass it down to family members or sell it afterwards. 

Monthly Cost

Another key aspect to keep in mind in the monthly cost. With leasing you are not working to own the vehicle, which means your monthly payments are based on the depreciation value of the vehicle at the end of the lease. There’s also less due at signing since you don’t have to worry about minimizing the total amount you owe. However, when the lease is up you will need to either sign on for a new lease or buy the vehicle you’ve been leasing. Financing a purchase does in most cases cost you more per month, but you do have the ability to drive a vehicle without monthly bills once it has been paid off. You can also finance a used vehicle whereas leasing mainly applies to new Honda models.

Your Lifestyle

We recommend customers think about their lifestyle and their budget when deciding which avenue to pursue. If you don’t have a large amount of savings to provide as a down payment and know you want to be behind the wheel of a new vehicle, leasing might be the best option. Leasing also works out well for those who want to avoid the mechanical maintenance that comes with driving an older vehicle. If you have money saved up and want to get a vehicle that can be used by multiple people in your family or will be yours for as long as you desire, we recommend purchasing. 

There’s still plenty more we could say about buy vs lease in Elgin, IL. McGrath Honda of Elgin invites you to continue the conversation in our stunning showroom! We look forward to talking with you soon.


Buy or Lease a Car

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847.695.8000

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Dealership Information

Testimonials

Jerry Bartels
Jerry Bartels
GOOGLE
7-2-2020
Full Star Full Star Full Star Full Star Full Star
Kari Christensen
Kari Christensen
GOOGLE
7-2-2020
Full Star Full Star Full Star Full Star Full Star

Nice people, excellent service! I leased this car last summer, I’ve been super happy with the entire process.

Rafael Rivera, Jr.
Rafael Rivera, Jr.
GOOGLE
7-1-2020
Full Star Full Star Full Star Full Star Full Star
Gregory Vice
Gregory Vice
GOOGLE
6-29-2020
Full Star Full Star Full Star Full Star Full Star

McGrath had the car that I was looking for, the process was fast and easy.

Luis Torres
Luis Torres
GOOGLE
6-28-2020
Full Star Full Star Full Star Full Star Full Star
Julie Dunning
Julie Dunning
GOOGLE
6-28-2020
Full Star Full Star Full Star Full Star Empty Star
DoubleXP Games
DoubleXP Games
GOOGLE
6-28-2020
Full Star Full Star Full Star Full Star Empty Star

The hour wait for our already appointed time was the only hinderance. The service was grand and the printout of work done was great. The car wash was welcomed. The tire light came on and checked pressure when we got home....Was 35 and tires were hot. Next day the message cleared.

Archan Vyas
Archan Vyas
GOOGLE
6-28-2020
Full Star Full Star Full Star Full Star Full Star

After a previous horrible experience, Elgin Honda redeemed themselves when my family and I went to purchase a new car. The only reason for that was Jim Diller. An very informed individual, of high character, and outstanding customer service, Jim Diller provided great explanations and clarifications during the process. When the finance department came in with some absurd rates, Jim was patient and helped us get a reasonable rate. Without a doubt, if you go here, go for Jim Diller.

Donald Torisky
Donald Torisky
GOOGLE
6-28-2020
Full Star Full Star Full Star Full Star Full Star
Joshua Emory
Joshua Emory
GOOGLE
6-28-2020
Full Star Full Star Full Star Full Star Full Star

This was my first time buying a car and thanks to James Diller he made my experience much easier. He more wanted to educate me on the car and wanted me to like it rather than just trying to sell me the car. I’ve been to other Honda dealerships but I didn’t get the same good feeling as I did with Jim. Because of how he treated me and educated me I felt more than comfortable coming back and doing business with him rather than someone else. Everyone was very polite and took me seriously as a buyer unlike the other dealerships I went to. So I would just like to say thanks to James Diller on a good first experience into buying a car.

"No Pressure Buying"

thempetersens
DEALERRATER
6-27-2020
Full Star Full Star Full Star Full Star Full Star

McGrath has created a very comfortable atmosphere in which to buy a car. No pressure, no hassles and a huge selection of cars to choose from. They also have an outstanding service department!

Saul Bautista
Saul Bautista
GOOGLE
6-27-2020
Full Star Full Star Full Star Full Star Full Star
Rohina Salahuddin
Rohina Salahuddin
GOOGLE
6-26-2020
Full Star Full Star Full Star Full Star Empty Star

Employees are very nice. We worked with one of the employee name Ayesha, She has good idea about cars. She is humble and helpful. The manager was kinda rude though. But, Overall, we had good experience.

Charles R.
YELP
6-26-2020
Full Star Full Star Full Star Full Star Full Star

I had found the vehicle I was looking for and arrived at McGrath to see if we could work a deal. Bryan was my Sales Person and he is in my mind one of their best Salesman. We negotiated and were able to find common ground and I'm extremely happy with the Deal, Dealership and Especially my Salesman Bryan. Thank you for one of the best and easiest buying experiences I have had in years!

Cindy Brown
Cindy Brown
GOOGLE
6-26-2020
Full Star Full Star Full Star Full Star Full Star

Very welcoming dealership, great experience from start to finish.

Alan Asod
Alan Asod
GOOGLE
6-26-2020
Full Star Full Star Full Star Full Star Full Star

"McGrath Honda of Elgin has overall Excellent customer..."

Ofelia
DEALERRATER
6-26-2020
Full Star Full Star Full Star Full Star Full Star

McGrath Honda of Elgin has overall Excellent customer service, Jim Diller and Joe Lara are an extraordinary example of same, therefore, I highly recommend them!!!👍

Trajce Lostovski
Trajce Lostovski
GOOGLE
6-26-2020
Full Star Full Star Full Star Full Star Full Star
Daniel Stern
Daniel Stern
GOOGLE
6-25-2020
Full Star Full Star Full Star Full Star Full Star

Friendly and knowledgeable sales and service team, thank you.

Manmohan Singh
Manmohan Singh
GOOGLE
6-25-2020
Full Star Full Star Full Star Full Star Full Star
Robert K.
YELP
6-25-2020
Full Star Full Star Full Star Full Star Full Star

I had a terrific buying experience at mcgrath honda. Michael did a fantastic job with the sale. Very no pressure situation. Believe it or not I made it out of the dealership without a manager trying to be my best friend and hard selling me. After 3 months of dealing with this looking for cars at other dealerships this was a refreshing experience. It was like I actually was talking to the guy who was going to sell me the car. Oh yeah, the car is great too. I bought used, but even the concerns I had were quickly taken care of by the service department. I rolled out of there with a like new car, and yes it was competitively priced. Couldn't find another one as clean and with that many options within 200 miles of me. Will definitely return when I need to replace one of my other vehicles. Oh, the finance department was much different too. It was the first time I had a finance person explain an extended warranty to me where I didn't feel like I was be threatened.

Carole Sieracki
Carole Sieracki
GOOGLE
6-24-2020
Full Star Full Star Full Star Full Star Full Star
ricardo moncayo
ricardo moncayo
GOOGLE
6-24-2020
Full Star Full Star Full Star Full Star Full Star
Jeff A
Jeff A
GOOGLE
6-24-2020
Full Star Full Star Full Star Full Star Full Star

Recently had routine maintenance on my Civic. Gerardo took care of me immediately after I pulled in. He was very informative and let me know exactly what they were going to do before they performed any service. I highly recommend them!

"Kevin Downing purchaseda CR-V"

kdowning
DEALERRATER
6-24-2020
Full Star Full Star Full Star Full Star Full Star

I had very pleasant experience. Ayesha and the Finance Manager were very easy to work with. The CR-V I purchased is just what my wife wanted.Thanks!

"Everyone went out of their way to take care of us, make..."

tonymarcia2010
DEALERRATER
6-24-2020
Full Star Full Star Full Star Full Star Full Star

Everyone went out of their way to take care of us, make us feel comfortable and happy with our choice. Thank you all so much!

Tammy Vandermey
Tammy Vandermey
GOOGLE
6-23-2020
Full Star Full Star Full Star Full Star Full Star
Sally Vincent
Sally Vincent
GOOGLE
6-23-2020
Full Star Full Star Full Star Full Star Full Star

Estimated time was correct. Car was washed and serviced professionally.

Laurin Bober
Laurin Bober
GOOGLE
6-23-2020
Full Star Full Star Full Star Full Star Full Star

Always receive expert customer service. My car and I thank you!

Shari Gutzmer
Shari Gutzmer
GOOGLE
6-23-2020
Full Star Full Star Full Star Full Star Full Star
Natalie Reed
Natalie Reed
GOOGLE
6-23-2020
Full Star Full Star Full Star Full Star Empty Star

"After a bad experience at a different Honda dealer the..."

stephenrobertdavern
DEALERRATER
6-22-2020
Full Star Full Star Full Star Full Star Full Star

After a bad experience at a different Honda dealer the night before, we were treated to fair and friendly experience the following day at McGrath Honda of Elgin and we are glad to leave a review and list this dealership as highly recommended. Thank you Danial, Mo and Mark for a great car and buying experience.

Samantha Wild
Samantha Wild
GOOGLE
6-22-2020
Full Star Full Star Full Star Full Star Full Star
william audino
william audino
GOOGLE
6-22-2020
Full Star Full Star Full Star Full Star Full Star

Guillermo in service was excellent! He always exceeds my expectations every time I come! He found where there was a puncture in my tire where a nail was and patched it up for me and always takes care of any and all needs I have! Kelly and Whitney in service explained and fixed any issues I had in a very professional manner aswell! I absolutely love the service Honda McGrath of Elgin provides and will only take my vehicle here to get serviced! 👍🏼👍🏼👍🏼👍🏼👍🏼

Jim McCune
Jim McCune
GOOGLE
6-21-2020
Full Star Full Star Full Star Full Star Full Star
Julio Pardo III
Julio Pardo III
GOOGLE
6-21-2020
Full Star Full Star Full Star Full Star Full Star
Amber Runyan
Amber Runyan
GOOGLE
6-21-2020
Full Star Full Star Full Star Full Star Full Star
Ofelia DeLira
Ofelia DeLira
GOOGLE
6-21-2020
Full Star Full Star Full Star Full Star Full Star

McGrath Honda of Elgin by far has Excellent customer service!!! Jim Diller, Sales Consultant was very professional and made the utmost effort to assist and render knowledgeable information for the purchase of my new CR-V! Joe Lara, Finance Mgr, was top notch! Thx

Regina Eppley
Regina Eppley
GOOGLE
6-20-2020
Full Star Full Star Full Star Full Star Full Star
Madi Omkar
Madi Omkar
GOOGLE
6-20-2020
Full Star Full Star Full Star Empty Star Empty Star

we took our car for oil change and did not wash the car properly and created scratch. the service desk person was nice but did not tell us until i went home. thanks

Davis Family
Davis Family
GOOGLE
6-20-2020
Full Star Full Star Full Star Full Star Full Star

Great job, Ray Wolski and David Pounds. Easy purchase experience - I was in and out in less than 3 hours.

andy n
andy n
GOOGLE
6-19-2020
Full Star Full Star Full Star Full Star Full Star
Brian Forster
Brian Forster
GOOGLE
6-19-2020
Full Star Full Star Full Star Full Star Full Star

Ayesha is an excellent sales person. She is professional, fair, honest and knows the product well. She was motivated to make a sale without being pushy. I couldn't be happier with my experience. McGrath is a great place to shop for a car.

Ruth Rumbles
Ruth Rumbles
GOOGLE
6-18-2020
Full Star Full Star Full Star Full Star Full Star

Recall repair to my vehicle was quick and process at front desk smooth.

VARSHA DAJI
VARSHA DAJI
GOOGLE
6-18-2020
Full Star Full Star Full Star Full Star Full Star
Jake Garcia
Jake Garcia
GOOGLE
6-18-2020
Full Star Full Star Full Star Full Star Full Star

Awesome work by service specialist and always taken care of when I take my car it!

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