The decision to lease or finance depends on many factors, but most customers make the decision based on monthly payments and how long they typically drive their vehicles.
In general, customers who lease prefer to drive a new car every 2-3 years and appreciate making lower monthly payments.
Customers who finance their vehicles tend to drive them for five to 10 years and appreciate driving without mileage limitations. However, if you can buyout the lease at the end which would allow you to drive without a mileage limitation; we will get more into that later.
Here are some of the perks to leasing a Honda:
Drive the Vehicle At Its Prime
In a lease, you contract to enjoy a new vehicle for a specified period of time. You can also choose to lease one of our premier Honda Certified
Less Cash Up Front
One of the biggest advantages of a lease is that it does not usually require a substantial down payment. In many states, you can even pay the sales taxes as part of your monthly lease payment, rather than in a lump sum.
Lower Monthly Payment
If the finance period is the same, your monthly payments will generally be lower when leasing (vs. traditional financing) because your payments will be based on the vehicle's estimated depreciation. (You are contracting to use a portion of the car's value, rather than buying the entire car).
A New Car More Often
A short-term lease makes it easy to drive a new car more frequently. Plus, if life changes demand a larger or smaller car in a few years, a lease can make it easier to plan and adapt.
Guaranteed Future Value
You don't have to worry about resale value. If your car depreciates more than the estimated residual value in your lease contract at full term, you can turn it in at the end of your lease term. But if it's worth more, you can purchase it.
Automatic GAP Coverage
Guaranteed Asset Protection (GAP) covers the difference between insurance payments and the outstanding lease if your vehicle is stolen or deemed a total loss. GAP coverage is standard on all Honda Leadership Leasing.
Guaranteed Purchase Price
Honda Leadership Leasing locks in the end-of-lease purchase price at signing, which can protect you against market fluctuations.
Even after your lease is over, a Honda Leadership Leasing can still give you options. You can purchase the vehicle for the guaranteed price, lease or purchase a new Honda, or simply return the vehicle.
At the end of your lease you will have three options to choose. Either you can (1) return your vehicle and lease a new Honda, (2) return your leased vehicle to the dealer, or (3) purchase your leased vehicle.
Return Your Vehicle and Lease a New Honda
You will need to schedule a free vehicle inspection within the last two months of your lease. Honda Leadership Leasing® includes a $500 Excessive Wear-and-Use or Damage Waiver. Loyal customers who purchase or lease their next Honda vehicle may qualify for an additional waiver and may be eligible to get their turn-in fee waived. Plus, you will be responsible for any outstanding payments, excessive mileage, and any other outstanding obligations specified in your lease agreement.
Return Your Leased Vehicle to the Dealer
Your lease concludes when you turn in the vehicle to a Honda dealer. You will need to schedule a free vehicle inspection during the last two months of your lease. Honda Leadership Leasing® includes an Excessive Wear-and-Use or Damage Waiver, but you will be responsible for any wear or use that exceeds the waiver. Plus, you will be responsible for any outstanding payments, excessive mileage, turn-in fee, and any other outstanding obligations specified in your lease agreement.
Purchase Your Leased Vehicle
If you decide to buy your Honda, there is no need to worry about a vehicle inspection or excessive wear or mileage charges.