What is more cost-efficient: leasing or purchasing a Honda vehicle?

How to choose between leasing or purchasing a Honda in the St. John’s area 

What is more cost-efficient: leasing or purchasing a Honda vehicle? The answer to that depends on your particular situation. We can get you a more personalized answer when you work with our sales and finance team the next time you visit or contact us. For now, scroll down to learn more about how to choose between leasing or purchasing a Honda in the St. John’s area. 

Things to consider when choosing between a lease or a loan for your Honda vehicle 

When it comes to purchasing or leasing a Honda vehicle, there are a few questions you should ask yourself. These questions will help determine which option is more cost-efficient for you. Read all the questions below and think about your answers. 

If I plan to have my vehicle for just a few years, should I lease or purchase my Honda? 

The length of time that you plan to keep your Honda is the main factor in choosing between leasing and purchasing. If you plan to have your model for just one, two, or three years before upgrading to a different model, then we recommend leasing. Let our team know that this is your plan, and they can help you find an appropriate lease.

What warranty coverage will come with my new Honda? 

Make sure you are familiar with your warranty options for leasing or purchasing. Leased vehicles and new Honda vehicles both come with warranty coverage. However, the terms may be different, and leased vehicles might have coverage for regular maintenance. Consider how you plan to care for your Honda vehicle. If you are doing at-home repairs, then purchasing might be more appropriate for you.

What type of loan can you get for a Honda vehicle? 

If you can get a great loan with low interest, then purchasing a Honda vehicle might be more cost-efficient for you. Make sure to compare the full cost of a loan, including interest, with the cost of a lease. Also, drivers who plan to resell their vehicles should purchase and not lease.