Should I Be Leasing My Honda?

If you're considering buying a brand new Honda in Ohio, you should take some time to learn a little more about leasing. Leasing your new Honda could actually be a smart alternative to financing the vehicle because it can allow you to drive a nicer, newer model for less money. A lot of car shoppers don't even think about leasing because existing misconceptions lead them to believe they are making monthly payments and will have nothing to show for it when the lease ends. Let us dispel some common myths about leasing a Honda before you completely rule it out as a valid alternate to financing.

Leasing Misconception #1:  If I finance my new Honda, I can eventually own it. This will never happen if I sign a Honda lease.

Truth:  Many people won't even think about leasing a Honda simply because they don't want to make payments on something they won't eventually own. In reality, most car buyers will never own the vehicles they finance. Only 19% of people who select 60-month financing will keep their vehicle long enough to make that final payment.  That means if you trade before you pay off the loan, you have basically leased the Honda without enjoying any of the benefits of leasing or of actually owning it.

Leasing Misconception #2:  Fees and penalties accompany leases.

Truth:  Leasing also gets a bad rap because car shoppers have heard that steep penalties follow the term of their Honda lease. This is yet another leasing myth. There are typically no disposition fees, early termination fees, turn-in fees or purchase fees with most Honda leases. Even if you happen to damage the vehicle during the term of your lease, all you have to do is turn it into your insurance company as a claim just like you would with any vehicle you financed or owned.

It is true that you will be responsible for all vehicle repairs during your lease. However, a lease usually ends around the same time as the Honda New Vehicle Limited Warranty. This makes it highly unlikely that you'll have to pay any out-of-pocket costs for repairs to your new Honda.

Leasing Misconception #3:  When my Honda lease is up, I have nothing to show for it.

Truth:  What happens after your lease ends is entirely up to you! Many people believe that they have nothing to show at the end of the least. In reality, you've actually gotten the best years out of an asset with one of the quickest depreciation rates. 

That being said, there are still many options to consider when a lease is over. If you love your Honda, you can buy it by paying off the remaining balance or "residual value." You could also choose to lease a different new Honda or simply walk away.

Once you know all the facts, leasing seems almost too good to be true. So if this is the case, why don't more people choose to lease rather than buy their new Hondas? Actually, once these longstanding myths are cleared up, more people are discovering that leasing is the right decision for them. At the Glockner Family of Dealerships alone, many of our employees, including Tim Glockner, lease their vehicles. 

If you think leasing is the option for you, check out our Honda lease specials, otherwise we have more information for buyers in the financing section.

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