A Honda lease is one of the two primary financing options available to drivers looking for new models. When deciding on the best financing option for your needs, the more you know, the more confident you’ll feel. Learn about the total cost of leasing versus buying a vehicle with help from Hall Honda Virginia Beach.
Leasing Costs and Values
One of the primary benefits of leasing a new Honda car is the savings. Most leases require a much lower down payment, if there is one at all, which means you don’t need to take as much time to save up for your next car. They do come with acquisition fees, typically around $500 to $2,000. Monthly payments with leases are smaller as well, since you’re only paying toward the vehicle’s depreciation, not the vehicle’s value, so you can expect to pay around $200 to $400 per month. The other costs you will need to account for when leasing a vehicle include mileage overages typically ranging from 10 to 50 cents per excess mile, wear and tear fees, and early termination fees.
Financing Costs and Values
It’s important to understand that under normal circumstances, financing a vehicle will almost always be more costly than leasing. They have higher down payments, at 10-20% of the vehicle’s total value, as well as taxes and fees on the day of purchase. Monthly payments are usually higher, since they’re going to interest in addition to the value of the car, and drivers have to account for maintenance and repair fees. Ultimately, however, drivers own their vehicle if they do not decide to sell before the term is up.
Begin the Vehicle Purchasing Process in Virginia Beach, VA
Whether you’re buying or leasing your next vehicle, Hall Honda Virginia Beach is here to help. We provide the financing tools and resources you need to make the right choice for your budget and driving needs. Submit your finance application at our dealership to get started.
