A Honda Accord Lease: Everything You Need To Know
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The Honda Accord is a popular midsize sedan that is well-known for the agility it possesses. It has excellent interior features that draw customers year after year. If you’re considering investing in this vehicle, you might wonder what your best purchase method is for it. What about the Honda Accord lease?
Read on to learn more about the Honda Accord lease and how it compares to outright purchasing the vehicle. It’s critical to have a solid understanding of what you’re choosing so you can make an educated, confident decision.
What is the Average Cost to Lease vs. Buy?
When getting a new car, you have two options - leasing and buying. The Honda Accord lease is something many have probably heard of, but not everybody is familiar with. How does it compare to buying the car in terms of price?
According to carsdirect.com, the average cost to buy versus lease include>:
- To buy for three years: Around $280 a month
- To lease for three years: Around $380 a month
This cost will fluctuate depending on the length of your lease, model, and any other contract additions.
For up to three years, leasing is more affordable than buying. You will pay less without having to face the commitment that buying requires from the driver. You’ll find that you have a lot more savings to pocket if you’re smart with the length of your lease.
As time goes on, you’ll notice that there’s a break-even point in the price of buying and leasing. This point usually happens around five years. From then on, it’s cheaper to buy. If you want to have a vehicle for a long time, buying is a better bet.
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Pros and Cons of Leasing the Honda Accord
There are good things and bad things that come with a Honda Accord lease, as there are good and bad things with anything that costs money. It’s vital to understand both of these so you can make a well-rounded decision on whether you’re going to buy or lease the Honda Accord.
Below, we’ll dive into a few of the most prominent pros and cons that come with the Honda Accord. Once you’re familiar with these, you can make a choice that will work best for your life.
Pros of Leasing the Honda Accord
There are a few things that stand out as great when looking at a Honda Accord lease. It is critical to understand these, so you know what you are getting into with this contract.
According to kirklandhonda.com, two of the benefits you can expect from leasing include:
- Access to new cars more often
- Less cash right away
Each of these benefits will help drivers differently.
We’ll talk about each of these a little more next to help you better understand what you’ll get out of a Honda Accord lease. There’s a lot of good to be had with this commitment.
New Car More Often
With a lease, you get access to new cars more often. Every time you turn in your vehicle from your previous lease, you can turn around and gain access to a new car. You can check out updated versions of the Honda Accord without worrying about wasting money.
If you want to swap out cars without the guilt, a lease is an excellent choice for you. There’s a whole world of Honda Accord upgrades to explore with leasing options.
Less Cash Right Away
When you lease, the down payment is usually small or nonexistent. Less cash upfront means more people can afford to lease the Honda Accord rather than buy. You have time to gather and prepare yourself before any money is owed.
Leasing is a great option for those who have trouble paying right away. So long as you are financially responsible, dealers won’t require a large payment right away, like with buying.
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Cons of Leasing the Honda Accord
We’ve talked about some of the great things that come with a Honda Accord lease, so now we need to discuss a few of the negatives associated with this commitment. It’s vital to look at all sides of the equation before deciding for yourself.
According to larryhopkinshonda.com, some of the negatives that come with leasing a Honda Accord include:
- Mileage limits
- Potential fees
These could take away from your overall vehicle experience.
Next, we’ll jump into these to ensure you understand both the good and the bad that come with a Honda Accord lease. There is a lot to think about when deciding if this is the best choice for your life.
Mileage Limitations
Unfortunately, leases won’t work well for those who have to drive long distances. Most dealers put mileage limitations on leased cars, which are checked yearly. Fees go to drivers who go over this number, so it’s not worth breaking it.
If you have to drive far every day, consider buying rather than leasing. It will likely save you money to commit to a car instead of leasing one for your endeavors.
Potential Fees
When you lease a Honda Accord, there are many things you have to keep in mind. You need to be on time with your payments. You need to avoid damage. You need to keep the mileage down. Breaking any of these rules could result in fees.
Many can’t afford the fees that potentially come with leasing a car. If you think you might incur fees during a leasing period, buying may be the better selection for you and your lifestyle.
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Conclusion
If you want to save money and drive a fantastic vehicle for an affordable price, a Honda Pilot lease is the right choice for you. You can upgrade as soon as your lease is over. Most fixes are covered during your time as the owner of the vehicle.
With these pros and cons, you can decide what the best option for you is. Whether you buy or lease, it’s hard to ignore the benefits leasing a Honda provides.
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