Should You Buy or Lease your New Honda?

Looking to take home a new Honda? Traditional financing is a great way to go if you see yourself driving the same car for many years. Prefer something more short-term? Leasing a Honda is a flexible option and can be a great choice for a wide variety of buyers.


 Buying a Honda    Leasing a Honda

 The majority of car shoppers at Apple Honda choose to finance their new car purchase. By choosing to buy, you gain equity in your car as you pay off the loan and you have the freedom to drive as much as you want. And, if you want to make any changes to your car, you can. This includes things like bumper stickers, new paint, aftermarket accessories, and more. Leasing a car is almost always less expensive than taking out a loan would be for the same car. This is because monthly lease payments are only based on a portion of the car's value-unlike buying it outright. Because of this, you may be able to drive a nicer car with a lease than you could through a loan. Leasing also gives you the freedom to walk away from the car as soon as your contract is over.
Who Owns It
 While you have a car payment, the lending institution holds the title of the car. As long as you continue to make your monthly payments, you are allowed to keep, drive, and modify the car. As soon as your loan is paid off, you will get the title and the car will be 100% yours. When you take out a lease contract, the leasing agency technically owns the car. Your contract is essentially an extended rental that lets you keep and drive the car for a specified amount of time.

 Up-Front Costs
 Buying a new car usually requires a down payment. Experts recommend putting down between 10-20% of the cost of a new car. One factor that can help lower the amount of your down payment is trading in your old car. That equity goes directly towards lowering the cost of your new car. While most leases technically don't require a down payment, you will have to pay the first month's payment, a security deposit, acquisition fee, and any other applicable fees. Paying more money up front can lower your monthly payments.

Future Value

We all know that new cars depreciate rapidly within the first couple of years. However, with proper maintenance done at regular intervals by a professional, like our service technicians here at Apple Honda, you can keep more of your car's value for longer, which equals a higher resale value when you do decide to sell it or trade it in.

 Your lease payments are based on the projected future value of the car. If its value ends up being lower than predicted when you turn it in, you do not have to worry about that. However, you do have to stay within a certain number of miles and if you exceed that number, you will have to pay for any overage. In addition, if damage the car more than the normal wear and tear, you will have to pay for those damages as well.
End of Term
 When you take out an auto loan, you are obligated to pay back the amount loaned to you, plus any interest. Once you have paid off the balance of your loan, the institution will give you a Lien Release along with the title to prove that the vehicle belongs solely to you. It cannot be repossessed. When your lease contract expires, you simply return the car to the dealership. And as long as you didn't exceed the mileage or have any excessive wear and tear, you can walk away. If you fell in love with your car during your lease, you may have the option to purchase it. If you think you might want to take advantage of this option, contact your financing agent as soon as you can.

Recent College Graduates

So, you just graduated college. You have your first “real-world” job and maybe some student loans. You may be thinking a used car is your only choice, and here at Apple Honda we have a great selection of pre-owned models. However, the thing to remember with leasing a vehicle is that your payments will be lower than if you were financing a Honda. This makes it easier to get a new, sleek set of wheels.

Another reason leasing is great for recent graduates is the 2-3 year time frame. A lot is going to change your first years out of college. Your lifestyle may mean it’s time to go from a sedan, like the Honda Civic, to a roomier choice like the new Honda HR-V. This short-term method of “owning” a car means it’s easier to make those changes! Don’t forget to ask about the Honda College Graduate Program when you stop in.

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Low-Mileage Drivers

Whether you only live a few miles from work, or rarely get behind the wheel, people who drive less than 12K miles a year make great lessees!

If you’re a driver that doesn’t see the odometer numbers whiz past let us know when you come into our dealership. We’ll work with you to find the lease mileage allowance that makes sense for your driving needs. This typically means either 12k or 15k/year, however additional mileages can be purchased at signing so you aren’t hit with overage fees at the end of your lease.

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You know who you are. You were first in line for the rose-gold iPhone 6, know all the newest restaurants, and aren’t afraid to try that new clothing style. You simply cannot be left behind when it comes to design and technology.

With cars getting better with every mid-cycle refresh you don’t want to be left behind when it comes to features and looks. That is why leasing can be so attractive, because you’ll get in and out of a new car every few years. You don’t have anything against the types that drive their Honda’s for more than a decade, but it’s just not your style.

Check out the Newly Redesigned 2016 Honda Civic

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