When it comes to whether to buy or lease your new Honda the options can be sometimes confusing.
To help you make an informed decision,we at COURTNEY HONDA have provided the information below. We
hope you find it informative and useful. If you have any questions please call us at 1-800-229-4663.
Whether you pay for your car with cash, or finance it and make monthly payments,
either way it's yours. Of course, if you're financing it you'll have to meet the
obligations the lender requires, like a certain down payment amount and timely monthly
payments.
If you're financing it, you'll probably need to come up with a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.
Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)
Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Title as proof that the vehicle is completely paid off and all yours.
When you lease your new Honda, the leasing company retains ownership, you only pay for the depreciation of the vehicle during the lease period. This is why you pay less per month in a lease than if you were to buy the car.
Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront. This is called a capitalized cost reduction.