When you sign a lease on a car, you’re agreeing to pay only for a portion of the car’s cost, rather than paying for the whole cost as you would if you financed the vehicle. That means you’ll pay the amount of depreciation the vehicle will endure over your lease term.
How Does Leasing Work?
The leasing process is actually quite simple. Make sure you come to the dealership with a budget, and explore the different lease deals available on the models in which you’re interested. You should also have an idea of how much you will be driving over the next few years, as leases typically place a limit on mileage over the course of a year. There are also rules on the wear and tear your car can endure for the duration of your lease, so read those carefully, as well. And finally, settle on your lease term, and be aware that you may face a financial penalty if you turn the vehicle in early.
Benefits of Leasing
There are quite a few advantages of leasing your next Honda vehicle instead of opting to purchase it. For one, you will be able to drive new cars throughout Albany and Clifton Park more frequently, as you have the option to change up your ride every time your lease ends. You’ll also pay less up front than you would otherwise, and you typically will have lower monthly payments. And the best part is, your car’s future value won’t affect you financially.