McGrath Honda of Elgin
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

Sales Hours

847.695.8000

Contact Information


Dealership Information

Testimonials

"Professional and helpful"

sgarman
DEALERRATER
4-3-2020
Full Star Full Star Full Star Full Star Full Star

Our recent Civic purchase was first rate top to bottom. Jim Diller, our salesman, was friendly, knowledgeable, and professional. Since we were from downstate, we had some extra requirements from our lender. MacGrath Honda went the extra mile in helping us with that. The car is great too!

"Great service by service advisor Kino Phetthongsy."

maryda95
DEALERRATER
4-2-2020
Full Star Full Star Full Star Full Star Full Star

Thank You Mark for your help with recent purchase of my car at McGrath Honda. It was my pleasure to meet You. Frank Mininni (tanks for your time and explanations). I really appreciated my service advisor Kino Phetthongsy.He was very helpful,explained everything to me,update me on a proces of documentation. Very kind,professional advisor,joyful and smiling. I appreciate Kino for your help. Good luck to You. Richard Drapa

Anthony S.
Anthony S.
YELP
3-29-2020
Full Star Full Star Full Star Full Star Full Star

My wife and I recently purchased our first Honda in February. We are so very happy with our new CRV but even so with the experience. To preface, this purchase came about from a vehicle accident that totaled our car. It was a stressful time being haggled by so many places until we came here. It was by far the best experience either of us have had at a dealership visiting McGrath Honda in Elgin. We worked very closely with Jim Diller. So honest, patient, courteous, polite and friendly, also funny. Just extremely enjoyable to deal with, he didn't waste our time and was very honest. We came into the dealership to simply test drive a Honda which we weren't even seriously considering but I'm so glad we did. Jim really helped make that happen and the sales manager Jim Martinez was equally as great. My wife and I are so grateful for the excellent service, respect of our time and funds as well as the follow up after the purchase. You both went above and beyond for us and I can say with certainty that if and when we come to occupy another vehicle we will most certainly be coming back to see you Jim Diller. Keep up the A+ superior service! (and thank you for the cookies)

Amber D.
YELP
3-25-2020
Full Star Full Star Full Star Full Star Full Star

Taylor Horn our sales rep was awesome! Honestly when I woke up this morning I wasn't planning on leaving the house to buy a car but she made the process so quick and painless! The transaction was easy and she was great to work with. Thank you Taylor!

"Great visit. Really appreciated my service advisor,..."

A K
DEALERRATER
3-19-2020
Full Star Full Star Full Star Full Star Full Star

Great visit. Really appreciated my service advisor, Jason. He was wonderful!! He was helpful, explained everything, thorough, very kind & respectful. Followed up with me in the waiting room a few times to update me. Sabrina at check out is the best!!! Such a kind lady and so very helpful. Those two made me feel welcome. I appreciate that.

Denise Marwig
Denise Marwig
GOOGLE
3-19-2020
Full Star Full Star Full Star Full Star Full Star

Thank you so much McGrath Honda ! Your team are always professional, courteous. Thank you for a job well done

Jessica Torres
Jessica Torres
GOOGLE
3-19-2020
Full Star Full Star Full Star Full Star Full Star

It was an excellent attention and service from Christian Orrosquieta and Luis from my first visit, it is a great option, they made me feel comfortable with all the information and they were quite fast with the procedure, they definitely deserve the highest score.

Aaron Mejia
Aaron Mejia
GOOGLE
3-19-2020
Full Star Full Star Full Star Full Star Full Star
Carole Homer
Carole Homer
GOOGLE
3-18-2020
Full Star Full Star Full Star Full Star Full Star

Our service rep was so nice, Jason, to talk with and very informative. I always have my car serviced by Honda since they know their cars better than cyz auto shops. Will be back

amy wehrs
amy wehrs
GOOGLE
3-18-2020
Full Star Full Star Full Star Full Star Full Star

I went to the Honda dealer today because my air pressure sensor was not working right. I did not have an appointment and as soon as I drove up someone was there to assist me. I worked with Bryan who was absolutely AMAZING!! Bryan made me feel very appreciated and he listened to my issue intently and worked with me directly to help solve my problem. He explained in great detail and in words that I would understand what could be the possibilities for my problem with the car and made sure that the car was brought back and checked himself! I have worked with Bryan before and every single time I work with him I feel that my concerns and problems are always addressed and taken care of. Bryan is extremely friendly, personable and diligent with his work and taking care of the customer! Thank you for the great experience today!

Alexis R.
Alexis R.
YELP
3-18-2020
Full Star Full Star Full Star Full Star Full Star

Taylor Horn is one of the most kindest, sweetest person, she will make sure you're in the best car that fits YOU! She will take her time and explain any questions you have and will get you the best price out there.

Kelly Corona
Kelly Corona
GOOGLE
3-17-2020
Full Star Full Star Full Star Full Star Full Star

The staff was amazing and friendly!!! If you go expect to be taken aback by how much they care about you and your vehicle!!! Never going anywhere else again!! They are super quick and if you don't understand all the car talk they bring it down to your level!!! Such an amazing place!

Julia Stelzner
Julia Stelzner
GOOGLE
3-17-2020
Full Star Full Star Full Star Full Star Full Star
Jorge Hernandez
Jorge Hernandez
GOOGLE
3-17-2020
Full Star Full Star Full Star Full Star Full Star

"My Visit went very smoothly and quickly everything was..."

Maria
DEALERRATER
3-17-2020
Full Star Full Star Full Star Full Star Full Star

My Visit went very smoothly and quickly everything was done as I was expecting to had done. Im very please to how was my visit and my car was take care . Thank You,

Jayam Shah
Jayam Shah
GOOGLE
3-17-2020
Full Star Full Star Full Star Full Star Full Star
Laurel Perez-Orriols
Laurel Perez-Orriols
GOOGLE
3-16-2020
Full Star Full Star Full Star Full Star Full Star

PHENOMINAL service! Top tier! Thank you for accommodating my schedule, your professionalism and kindness!

David Del Re
David Del Re
GOOGLE
3-15-2020
Full Star Full Star Full Star Full Star Full Star

The service was great they answered all my questions and made my first time buying a car super easy the sales women was amazing really nice and funny and the finance guy helped me get a car for a great price

Rommeldu
Rommeldu
GOOGLE
3-15-2020
Full Star Full Star Full Star Full Star Full Star
Don Spen
Don Spen
GOOGLE
3-15-2020
Full Star Full Star Full Star Full Star Empty Star

Large dealership. Friendly people. Work performed diligently. I will return for more work in the near future.

Sujit Shah
Sujit Shah
GOOGLE
3-15-2020
Full Star Full Star Full Star Full Star Full Star

Excellent. Ray excellent services and, specifically explain every thing.

Steve Wojtowycz
Steve Wojtowycz
GOOGLE
3-14-2020
Full Star Full Star Full Star Full Star Full Star

Great service department staff and manager.

Scott Bruns
Scott Bruns
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
Unicorn Love
Unicorn Love
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
JK MM
JK MM
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
Cheryl C Matthews
Cheryl C Matthews
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
Tim Sloma
Tim Sloma
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
linda davidson
linda davidson
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star

Excellent

Dennis Stagen
Dennis Stagen
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
mercedes venegas
mercedes venegas
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
Manuel Lozada
Manuel Lozada
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
Malena SweetheartDivine
Malena SweetheartDivine
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Empty Star

Very friendly service. Very professional and great customer service! Awesome team

Andrés Quijano
Andrés Quijano
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
Evie Tac
Evie Tac
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star
Jennifer Johnsont
Jennifer Johnsont
GOOGLE
3-13-2020
Full Star Full Star Full Star Full Star Full Star

Excellent service starting with my first call all the way through picking up my finished car. Gerard kept me informed through the whole process and easily addressed all my concerns. A+!!

ANGELA GALLEGOS
ANGELA GALLEGOS
GOOGLE
3-13-2020
Full Star Full Star Full Star Empty Star Empty Star

The employees are always very kind and helpful. My ongoing complaint with the service at McGrath is the quality of the car wash (leaves car worse than prewashed state with water spots and dripping). This time, my belongings from the glovebox were strewn out all over the floor. I also wish the "free" dent/ding touch up package included small paint touch-ups.

"Jason was professional and helpful. He answered my..."

Sandy
DEALERRATER
3-12-2020
Full Star Full Star Full Star Full Star Full Star

Jason was professional and helpful. He answered my questions and took the time to explain what needed to be done with my vehicle. Service was done in a timely matter.

"Good Teamwork"

chris.mehl
DEALERRATER
3-10-2020
Full Star Full Star Full Star Full Star Full Star

Ayesha listened, worked very hard and found a good vehicle for me. Service Mgr. Scott reviewed the Honda Certified Service work completed. Jim Diller helped to close the deal and deliver the vehicle. Nice job!!

"Had an excellent experience buying my daughter a used..."

Jenna
DEALERRATER
3-8-2020
Full Star Full Star Full Star Full Star Full Star

Had an excellent experience buying my daughter a used car. Christian was great to work with on the sales side and the finance team was great, too!

Carol Betterton
Carol Betterton
GOOGLE
3-6-2020
Full Star Full Star Full Star Full Star Full Star
Diane Beedy
Diane Beedy
GOOGLE
3-6-2020
Full Star Full Star Full Star Full Star Full Star
Ron Johnson
Ron Johnson
GOOGLE
3-6-2020
Full Star Full Star Full Star Full Star Full Star

My wife and I were very satisfied with McGrath Honda. The sale people were very polite and respectful. I never like I being pressured. Most of all, I like the chocolate chip cookies!

Sadiq Kassamali
Sadiq Kassamali
GOOGLE
3-6-2020
Full Star Full Star Full Star Full Star Full Star

No haggling :)

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