One of the Best Auto Brands on the Market

Whether it’s a tough truck, sporty hatchback or dependable sedan, Honda is a leading choice among consumers when it comes to vehicle variety, longevity and price point. Honda has cemented its legacy in the auto industry by providing affordable styles and manufacturing sturdy vehicles that stand the test of time. This reputation for quality is probably why used Honda vehicles are some of the most highly sought-after pre-owned cars, trucks and SUVs. Deciding whether to buy or lease a Honda can be a difficult choice, as either option works for most consumers.

Benefits of Buying or Leasing a Honda Vehicle

Buying or leasing a Honda vehicle has its pros and cons. Which one consumers should choose ultimately depends on their finances and their long-term plans for the vehicle. Buying a vehicle affords the owner complete freedom with their vehicle, allowing them to freely customize their vehicle as they please. Those who lease a Honda often have constraints as to what customizations can be added and how far the car can be driven. Unlike leases, buying a vehicle means you completely own it and have a piece of equity that can be resold to recoup the money you paid for the vehicle, whereas a leased car belongs to the dealership, not you. However, a vehicle instantly depreciates in value the moment it is driven off the lot, which guarantees that should the buyer choose to sell the vehicle in the future, they won’t recoup the full cost they paid. Additionally the initial down payment can be astronomical for most consumers, between 10% – 20% of the car’s value depending on the buyer’s credit score. Most people don’t purchase a vehicle with cash, rather they take out a loan, meaning lenders technically own the car until the car buyer pays off the loan in full, including interest. Defaulting on a loan allows lenders to repossess the vehicle until a payment is made or they keep it indefinitely if the borrower never meets their obligation. Leasing a Honda is a great option as it gives the driver temporary possession of a brand new vehicle that may be financially out of reach otherwise. Monthly payments on a lease are generally low, and go toward paying off the full amount of the vehicle should you choose to buy it at the end of the lease’s term. Additionally, if a leased car is in good condition it can be traded in at the end of a lease if you choose to lease or buy another vehicle. However, if the car is severely damaged or totaled, you may be responsible for paying the remainder of what you owe on the car. Hopefully you’re taking care of your vehicle regardless of whether you bought it or leased it, but if you did lease it you have an obligation to the dealer to keep it in like-new condition for as long as you possess the leased car, truck or SUV. Leases aren’t always the best option. If you have extensive debt and poor credit, you may not be eligible to lease a vehicle. Leases are like contracts, setting limits on what your leased vehicle can and can’t do. For instance, many leases have mileage limits, charging the driver as much as 12 cents each mile you drive over the limit. At that rate, the extra charges can really add up. You also must return the vehicle in the same condition as you received it, meaning you can’t really customize it. Even if you did put money into customizations you would lose the benefit of those investments once you return it to the dealer at the end of your lease term.

Buy or Lease a Vehicle with Honda of Seattle

Buying or leasing a Honda is easy with Honda of Seattle’s skilled dealership staff. Our professionals are on hand to assist you with your buying or leasing needs, and can help you understand your options and which is best for your situation. We carefully review terms of leases with our customers to ensure they know all facets of it, with transparent policies and no hidden fees. Contact us today to schedule an appointment with one of our associates today so we can help you hit the road in your new Honda!