Not Seeing What You're Looking For? Custom Order Your Honda Today!

Not Seeing What You're Looking For? Custom Order Your Honda Today!

My Garage

Leasing vs Financing

Once you've chosen the vehicle of your liking, the next step is to decide whether you want to lease or finance. It's important to ask yourself a few questions before choosing which option is the best for your lifestyle; do you drive an average amount of kilometers? Do you like to upgrade to a new vehicle every few years? Do you want to be the complete owner of your vehicle? These few questions can help decipher what's best for you.

  • Able to upgrade to a new vehicle every few years
  • Lower monthly payments over a shorter period of time
  • Flexible terms
  • Under warranty for most of or entire duration of your lease
  • Option to continue leasing or buy out your current vehicle
  • Guaranteed Asset Protection (GAP) if your vehicle is stolen or written off
  • You own the vehicle
  • No penalties
  • You determine your monthly payments
  • No kilometer charges
  • No kilometer charges
  • Build equity

  • You are not the owner
  • Responsible for regular services and maintenance upkeep
  • Mileage limits
  • Possible excessive wear and tear charges
  • Limited to customization
  • Long-term commitment
  • Can be costly once warranty ends
  • Monthly payments typically higher
  • Technology is always advancing
  • Possible repossession if payments aren't met

Although there are benefits for both leasing and financing, remember, the best option for you should be based on your lifestyle. Financing may be a great option for someone, but may not be the right decision for you.

Leasing is like renting; you only pay for what you use. With lower monthly payments and having a contract for 2-4 years, you will be able to drive a new vehicle more often and keep up with the latest technological advancement. But what happens when your lease is coming to an end?

Option 1: Return your vehicle to your Honda dealer and lease or purchase a new Honda vehicle
Option 2: Schedule an appointment with your Honda dealer to return your Honda vehicle
Option 3: Purchase your existing Honda vehicle for the remaining amount shown on your lease contract
A vehicle inspection will be required near the expiry of your leasing contract to inspect any mechanical problems, dents, scratches and excessive wear and tear damages. Once the inspection has been finalized, you will need to fix any problems (if applicable) that exceed your lease conditions with an acceptable repair or body shop that provides documentation.
Should you renew your existing lease?
Your lease may not be at its expiration date, but you are being contacted to renew your lease early. We know what's in it for us, but do you know what's in it for you?

1. Cost: Honda vehicles have a great resale value which has been increasing over the past three years. This means you are able to renew your lease for the same or lower monthly payments.
4. Lifestyle: You never know when your life is about to change. Do you need to upgrade to a larger vehicle because your family has expanded or do you need to downsize because you want to save on fuel and operating costs?
2. Maintenance: As the vehicle ages, the maintenance cost tends to increase. When you renew your lease, you are starting with a brand new vehicle.
5. Change: Some people get tired of driving the same car and simply want a change.
3. Technology: There is a new technological advancement every year whether it's backup cameras, warning systems, parallel parking assistance, etc.
6. Wear and Tear: Small scratches and dents won't be there on your new Honda vehicle.
If you absolutely love a certain vehicle and want to own it, not have to worry about possible lease-end charges and prefer paying off a loan, then you should consider financing. But what happens when your finance contract comes to an end?
Option 1: Keep driving your vehicle for years to come
Option 2: Negotiate a trade-in and put a down payment towards your next Honda
Option 3: Sell your vehicle privately
Whether you choose to finance or lease your next Honda, our goal is to always ensure your complete satisfaction by offering competitive rates and flexible terms. Come see us today!