Choosing to Buy or Lease a New Honda
Headquarter Honda in Clermont has a history of serving drivers in every aspect of the car ownership process, which includes having some of the lowest auto financing rates near Orlando. Our on-site finance experts work one-on-one with each of our drivers to find a lease or finance agreement that works for you. Though the choice to buy or lease a car is of course yours to make, our finance team members are trained to be your guide every step of the way in this sometimes difficult decision.
When leasing through Honda Leadership Leasing, you’ll enjoy lower rates, GAP coverage, and flexible terms—but some people prefer financing so that they can pay towards owning the car outright. Take a look below to see which payment method is right for you!
Lease vs. Finance (Buy)
Below we have laid out some of the key aspects of acquiring and driving a car and how they differ for leased and financed vehicles:
- Down Payment: When you lease a vehicle, you usually have a much smaller down payment than if you finance one. Some lease agreements don’t have a down payment at all!
- Owning Your Car: Leasing lets you try your new vehicle out before you decide whether or not to buy it. After a lease agreement is up, you can purchase the Honda for the agreed upon amount, but you have no obligation and can have a fresh new car every few years. Most finance terms extend past the normal trade cycle of most consumers—a lease tends to match that shorter cycle.
- Your Monthly Payments: Payments on a finance agreement are almost always higher than lease payments. On a lease, you only pay for the wear you put on the vehicle over the length of the contract. Financing incorporates the whole cost of the vehicle—as well as taxes and interest—into your monthly payment. You can usually lease a nicer car for less than it would cost to finance one in your budget.
- Limited Mileage: Many people finance so they don’t have to worry about mileage limits, but with Honda you can set your own monthly mileage limit when you start a lease. We’ll work with you to find one that fits your driving needs.
- Required Maintenance: Aside from routine maintenance like tire rotations and oil changes, leased vehicles rarely have maintenance or repair needs as they are almost always under the warranty coverage. Most finance terms extend past the normal warranty period.
- Wear on the Vehicle: Everyday wear and tear is covered during a lease, but if you finance your next vehicle, you’ll have to decide how you want to handle any wear and tear costs as you go.
- Save on Taxes: You have to cover the taxes on the whole cost of the vehicle at the time of purchase if you are financing, and the interest builds on the taxes as well. In many cases you only have to pay tax on your monthly payment for a lease, giving you even greater savings.
We have a history of working with drivers of all backgrounds and credit histories, and we want to work one-on-one with you to find the financing solution that best fits your personal needs. Contact us online or by phone at (800)-497-2294 if you have any questions, or simply fill out our finance application to begin!