Finance options for a new Honda include leasing and purchasing. We have dedicated this page to outline the benefits each choice offers, so you can feel confident in your decision. However, if you are unsure which option is the best for you, please give us a call at 512-443-4300, come in to see us and one of our excellent Finance Managers will help you make the best financial decision for your lifestyle.
LEASE
Leasing often appeals to those looking for a new Honda because it offers a lower a monthly payment, but there are factors associated with this lower payment. Leasing can be good choice for many drivers, but it’s not for everyone.
Leasing details:
Term: Leases typically run for three years and at the end of the lease the vehicle must be returned to the dealer.
Mileage: Leases have a mileage cap of 12,000 to 15,000 a year. Drivers who stay within this range can fully enjoy the lease option.
Lower Monthly Cost: Since it’s a lease rather than a purchase, the monthly payment is calculated on an estimated depreciation over the time of the lease. Once the lease is over, there’s no worry about owning a depreciated vehicle. Also, since the lease is typically for three years there is little to no maintenance beyond routine, such as oil changes. Those with a lease will have the comfort of a warranty for the entire three years.
GAP Protection: Generally covers the difference between insurance payments and the outstanding lease if you vehicle is stile or deemed a total loss. Most leases come with this protection.
Tax Credits and Honda’s Incentives: Some states offer tax credits to those leasing Hondas. Honda does offer lease incentives which you can see under our Current Incentives page.
FINANCE
Buying a Honda often appeals to those who don't want to stay within an annual mileage limit, want to own and customize their vehicle, or know that excessive wear and tear will be part of the life of their vehicle.
Buying details:
Honda’s Incentives: Honda offers customers finance incentives on their new cars. You can see these under our Current Incentives page.
Customization: When purchasing a vehicle, the owner is able to personalize any aspect of the car. When leasing, the vehicle must remain exactly the same.
Ownership: Monthly payments are paying off the entire cost of the vehicle, not just paying for the use of the vehicle. Once the loan is paid off, the vehicle is completely owned and payment-free months can be enjoyed.
Ownership equity: Honda’s have one of the highest resale values in the market. Every month a payment is made, ownership equity may increase.
Freedom to Sell or Trade-In: When purchasing a vehicle, the owner has the freedom to trade-in for a different model or sell it at anytime.
Long-term Costs: Since it’s a purchase rather than a lease, the factory warranty will likely expire during ownership. It is advisable to purchase an extended service warranty to help assist with unpredictable repair costs.
