Leasing vs. Financing Your Next Honda

Getting behind the wheel of a new Honda is an exciting moment. Still, you must do the paperwork before you can drive away in one of the most reliable, luxurious, and advanced vehicles on the market. Many of our clients are torn between leasing and financing their next vehicle, so the Hall Honda Virginia Beach team has some insight. If you don't know whether you should finance or lease your next Honda, we can simplify the choice for you.

Benefits and Drawbacks of Leasing

Leasing is like renting a home instead of buying one and comes with the conveniences of that rental. Terms are usually short—only 24 to 36 months. Leasing is ideal for drivers who want the latest and greatest from Honda and know they want to upgrade more often. You won't build equity, the way you would while financing, but you also won't be upside down on a loan that you've paid into for three years. Drawbacks for leasing do exist though. Mileage limits and wear and tear fees can be off-putting for those who travel a lot or have small children. Leasing is ideal for young professionals and enthusiasts who want the best, without being locked in for too long.

Benefits and Drawbacks of Financing

Financing is the route most people still take when they get a new vehicle. The vehicle is yours to do as you wish, with no mileage limits, service requirements, or wear and tear fees. You can tailor the vehicle to your liking with modifications and settle into your Honda for as long as you'd like. Financing can be more expensive, but our amazing financing team can present you with options that mitigate this. Financing terms are usually longer, and you'll want to build equity in your vehicle before you decide to replace it to avoid owing more on your loan than your car is worth.

If you're unsure which option is right for you, contact the Hall Honda Virginia Beach sales team. Our expert service team can present all the options with detailed information so you can make the best decision for your financial health and lifestyle. No matter what you choose, you won't regret joining the Honda family.