Auto leasing is more popular than ever, and it’s no wonder! The monthly cost of a lease vehicle is often much lower than the average car loan. The consumer is able to transition to a new vehicle every few years. Vehicle repair costs on lease vehicles are minimal because the vehicle is usually under factory warranty for the duration of the lease agreement.
For example, a new Honda lease will provide you one of the highest award winning cars, according to some research. The vehicles have shown to be reliable, well made, and capable of sustaining many miles while remaining in what is considered by the automotive industry “good” condition, requiring minimal maintenance and repair. The Honda Accord, the Honda Fit, the Honda CRV, and the Honda Civic are all considered driver-friendly cars, and can be leased from your local Honda dealer.
For those who wish to avoid the car buying experience but still desire a new vehicle, leasing a car can be an excellent solution. Many life scenarios would dictate the need for leasing a car as opposed to purchasing a vehicle. From young professionals to older retired folks, the car lease industry reaches into many niches and meets many needs on the consumer’s personal level.
Returning to our example, Japanese car manufacturer Honda is the largest manufacturer of engines in the world, making a new Honda lease a support to the automotive industry in Japan. The automotive industry in general is supported by consumers who choose leasing a car over purchasing their vehicle.
Considerations for leasing are car are many.
- How many miles do you normally drive in a year? Keep in mind that if you exceed your allotted mileage you may incur extra fees.
- Your monthly payment, while typically less than a car loan, will leave you with nothing to show for your outflow of cash when your lease agreement terminates. For many, the convenience of the lease is worth the trade off.
- A lease vehicle, again, for example, a new Honda lease, will ensure you don’t pay for major repairs, but you will have to return it in perfect condition. No scratches, dents or dings.
- If you don’t have cash for a down payment and cannot trade in your car, a lease vehicle could well be your best option, but keep in mind that a vehicle is always a liability, not an asset.
A new Honda lease, or a lease from any car manufacturer, can be a great benefit for some. Do your research, make an informed decision, and above all, enjoy your driving experience!