Lease vs Buy

Learn More About Whether Leasing or Buying a Honda is Right for You

If you've had your eye on a new Honda Passport, Honda Accord, Honda Civic, or any other new Honda model, you might be wondering if you should lease or buy. There are many benefits to both options; however, one might benefit you more than the other. Learn more about buying and leasing a new Honda today! If you have any remaining questions, please do not hesitate to contact the Prime Honda - Boston team.

Explore the Benefits of Leasing & Buying!

 

The Benefits of Leasing

  • Generally a lower monthly payment
  • Smaller down payment
  • Freedom to switch cars
  • Drive a nicer vehicle for less money
  • Less maintenance repair costs from the warranty
 

The Benefits of Buying

  • Pride in owning a new Honda vehicle
  • Ability to customize as you wish
  • Freedom to sell or trade at any time
  • No yearly mileage cap
  • Own the same car for years on end

Your Leasing & Buying Questions Answered!

If I lease a new vehicle, am I getting a better deal than purchasing?

This answer depends on your current financial situation. If you have had credit challenges in the past, it might benefit you to lease rather than buy since you'll likely have a lower interest rate. If you plan on driving the Honda vehicle for longer than a typical lease term, you might consider buying.

What is an APR?

APR stands for annual percentage rate. The APR is the amount of interest you will pay for your lease or car loan.

Can you explain residual values?

Residual values are the predicated amount your leased car will be worth at the end of your lease. If you plan on buying the Honda vehicle at the end of the lease, the residual value is the amount left to pay.

How is sales tax applied to the lease?

Sales tax is only applied to the car's worth while you're driving it - not the full value of the vehicle. Typically, sales tax is lower for a leased vehicle than a purchased one.

How should I determine what mileage to include in the lease?

Generally, New Englanders will have 10,000 to 12,000 miles on the lease for each year. The good news is, if you think you'll go over, you can always add more miles for an additional fee.

What is the shortest car lease available?

Currently, we offer as short as 24-month leases. A typical lease is 36 months.

What if I need to end my lease early?

If for any reason, you need to end your lease early, there is a penalty to do so. Start by contacting the Prime Honda - Boston finance team to discuss your options and next steps.

What happens at the end of my lease?

If you are under the allotted mileage and your car is in good condition, you can either buy the vehicle or return the vehicle and start a new lease.

Are You Interested in Leasing & Buying?

If you are interested in buying or leasing a new Honda car, truck, SUV, or minivan, don't hesitate to contact our Honda team. Find us in West Roxbury, near Brockton, Dedham, Everett, and Hyde Park, making Prime Honda - Boston the perfect pit stop for all things automotive.
  1. Prime Honda - Boston

    1575 VFW Parkway
    West Roxbury, MA 02132

    • Sales: 617-553-4926
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Questions For Our Team?

Prices shown are manufacturer suggested retail prices only and do not include taxes, license, or doc fee. Manufacturer vehicle accessory costs, labor and installation vary. Please contact us with any questions.

**Based on 2021 EPA mileage estimates, reflecting new EPA fuel economy methods beginning with 2008 models. Use for comparison purposes only. Do not compare to models before 2008. Your actual mileage will vary, depending on how you drive and maintain your vehicle.

For EV Models, 132 city/105 highway/118 combined miles per gallon of gasoline-equivalent (MPGe) rating; 82 mile combined (city/highway) driving range rating (adjusted). Ratings determined by EPA. Use for comparison purposes only. Your MPGe and range will vary depending on driving conditions, how you drive and maintain your vehicle, lithium-ion battery age/condition, and other factors. For additional information about EPA ratings, visit http://www.fueleconomy.gov/feg/label/learn-more-electric-label.shtml.

For 2014 Honda Accord Plug-In Hybrid, 115 combined miles per gallon of gasoline-equivalent (MPGe) electric rating; 47 city/46 highway/46 combined MPG gasoline only rating. 13 mile maximum EV mode driving range rating. 570 mile combined gas-electric driving range rating. Based on 2021 EPA mileage and driving range ratings. Use for comparison purposes only. Your MPGe/MPG and driving range will vary depending on driving conditions, how you drive and maintain your vehicle, lithium-ion battery age/condition, and other factors. For additional information about EPA ratings, visit http://www.fueleconomy.gov/feg/label/learn-more-PHEV-label.shtml.

For 2014 Honda Accord Hybrid, 50 city/45 highway/47 combined mpg rating. Based on 2021 EPA mileage ratings. Use for comparison purposes only. Your mileage will vary depending on driving conditions, how you drive and maintain your vehicle, battery-pack age/condition, and other factors.