5 Things to Consider Before Leasing a CarOur Blog Dec 16th, 2021
Are you thinking about upgrading your current vehicle, or perhaps getting your very first? Purchasing outright isn’t the only option; leasing opportunities like ours at Ottawa Honda are an ideal alternative. This is especially the case if you intend to upgrade or swap out your vehicle for a newer model in a few years or so. Today, let’s go over some important things to bear in mind before committing to that lease agreement on a new vehicle.
What Do You Want Your Monthly to Look Like?
Compared to other methods of vehicle ownership, leasing a car typically involves a lower monthly payment. That being said, the first thing you ought to do is carefully map out your budget and decide on a vehicle within any financial restrictions you may have. There’s generally a good chance that leasing, compared to making a down-payment that would cost more upfront, are cost-effective to the point where you may be able to justify a more premium make or model with additional features, cargo space, or otherwise. Once you determine what you want your monthly payments to look like, then it’s safe to proceed onto the next step in leasing a Honda or other vehicle.
A New Vehicle, Fewer Maintenance Concerns
When you lease a vehicle, you can do so for a brand-new, top-of-the-line model with the latest and greatest features and innovations. This means not having to worry about potentially more intensive maintenance until much later in the vehicle’s lifetime. If you lease a new Honda, you might want to take advantage of Honda Lease Guard protection as a precaution. Since leases require either returning the vehicle or paying for it outright once the turn-in time arrives, avoiding extra charges from everyday wear and tear ensures added peace of mind.
Honda Lease Guard covers up to $7,500 at the time of turn-in. It can be used anytime before or within one year of the original planned termination date. Everything from chips and dents to simple stains, paint damage, tire wear, dings, and other expected wear and tear are covered, but bear in mind that excess kilometre charges or repairs performed before your lease ends do not qualify. Of course, the key benefit of leasing a new vehicle, especially a reliable Honda with best-in-class service and support, means that there will be fewer stresses related to maintenance while it is under your care.
The Vehicle Isn’t Yours to Keep (Unless You Buy it)
Leasing is leasing, meaning once your term ends, you’ll need to return your vehicle to the dealer. It must be within the kilometre amount allotted to you at the time of signing up; going over this amount will incur a penalty. The return process includes a multi-point inspection to verify your vehicle’s condition and wear and tear. You can either take out a lease on a different vehicle or purchase the one you’ve been using outright, allowing you to keep it if you opt for the latter.
Bear in Mind all Fees and Upfront Costs
Leasing can be an incredibly cost-effective way to get into a new vehicle and take your driving experience further, but don’t overlook the fine print. The last thing you want with your new investment is any sticker shock or unnecessary billing surprises, so be sure to let the sales representative handling the agreement walk you through all the fees and upfront costs. They’ll also be happy to explain details like your monthly, leasing duration, and otherwise. That way, you can ensure peace of mind in knowing all the facts and not making any blind or rash judgment calls – you work hard for your finances and deserve a vehicle that you’ll enjoy every day!
Leasing a New Car Isn’t The Only Option!
It’s possible that financing may be the more suitable option for you, depending on how the numbers add up for it compared to leasing. This will depend on a wide range of factors, including the type of vehicle you’re interested in, your available funds, credit score, and otherwise. Or perhaps consider leasing a pre-owned car to save even more. It will also be a bit more cost-effective to insure if it is a model of lower financial value, and there are plenty of perfectly beautiful, high-performing options that are only a couple of years old. Take a look at our large, ever-changing pre-owned vehicle inventory to see some great examples!
If you’re interested in leasing a Honda to suit your everyday needs perfectly, we’re happy to help here at Ottawa Honda. With dependable servicing and parts with best-in-class customer support, we’re trusted by many local drivers with looking after their vehicle. Get in touch with us today to discuss leasing options with one of our knowledgeable and friendly sales representatives.