20 Reasons Why You Should Lease Your Next Honda
Now that you’ve already decided on a new Honda Accord, Civic, CR-V, Odyssey, it’s time to decide whether you should finance and buy it outright or lease your next vehicle. Increasingly, our customers are starting to realize the significant benefits of leasing—citing many of the reasons you can read below. Should you have any questions regarding the leasing process, please contact Wood Wheaton Honda’s finance experts in Prince George, BC.
1. Less Taxes Upfront
Unlike a convention vehicle purchase, your taxes are far less expensive and spread out over your monthly payments.
2. GAP Protection
Standing for Guaranteed Asset Protection, should your car get stolen or deemed a total loss, you’re not responsible for covering any shortfall.
3. Bankruptcy Protection
Should you file for bankruptcy while driving your lease, you won’t be forced to return your car.
4. Tax Benefit
Since, essentially, you’re only paying for the cost of your car’s depreciation, you don’t have to pay as much taxes.
5. Constant Warranty Protection
When you lease a new car and renew it for another one every few years, you get the benefit of always having complete manufacturer’s warranty protection.
6. More Car for Less Money
Though you don’t technically own a leased vehicle, it allows you the chance to drive a more premium, expensive car than what you could afford with regular purchasing.
7. Lower Maintenance
Thanks to a lease’s extensive warranty coverage, you don’t have to pay nearly as much repair costs as a vehicle you own outright.
8. The New Car Experience More Often
When you follow a leasing plan you get to enjoy a brand new car (and that intoxicating new car smell) every couple years.
9. The Latest Safety and Technology
For those of you who appreciate the newest in-car gadgets and the best safety technology, a new lease is the best value.
10. Cost Savings Thanks to Standard Technology
Instead of retrofitting you current older vehicle with Bluetooth streaming audio and a rearview camera, those gadgets come standard on most new Hondas.
11. Chance to Make a Profit
Savvy customers who purchase their lease at the end of their term should compare the current market value of their car to the original purchase option price. If the market value is higher, you can sell your lease buy back for a profit!
12. Use Your Saved Money for Investments
Since you’re not spending as much cash on new car payments every month, why not invest your money for long term financial gain?
13. Adapts to Your Lifestyle
Due to relatively short lease terms (typically 2-4 years) when lifestyle changes dictate a different type of vehicle, you can switch it for a more suitable model without having to deal with reselling.
14. Less Debt
If you’re already carrying a significant amount of debt, the smaller lease payments will be far easier to manage then financing the entire car.
15. Accident Protection
You’re covered against monetary losses should you ever get in an accident with your lease.
16. Protected Against Negative Equity
Fortunately for leasees, you don’t have to worry about going “upside down” in your car payment (i.e. owing more money on your loan than the vehicle is worth).
17. Guaranteed Future Value
When you sign a lease agreement, you have the benefit of seeing how much the vehicle will be worth when your term is up.
18. Eliminate Trade in Hassle
Instead of negotiating at trade in time, you know exactly how much your lease is worth should you decide to move up to a new one when your agreement is due.
19. Buy out Option
At the end of your lease term, you have the option to buy out the rest of your lease at a discounted price.
20. Great for Low Mileage Drivers
If you don’t accumulate a lot of kilometers on your cars, leasing is the perfect option because you won’t have to pay extra for going over the distance limits
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