Common Myths About Car Leasing
If you’ve ever considered leasing, you’ve probably encountered some common misconceptions about the process, or even wondered if it makes sense for you. While buying a car is the right choice for many people, many of our clients may find that their needs are better met through automotive leasing. The Heritage Honda Bel Air, Parkville & Westminster team might suggest leasing over buying if you like to replace your vehicle every 4 years or less or if you constantly crave the latest features and technology. Maybe you’ve considered leasing, but aren’t sure it’s right for you. Hopefully clearing up these myths can help you decide if leasing would be the best option for you.
Myth #1: You’ll Be Charged for Minor Dents and Scratches
While it’s true that you can be charged fees for excessive damage, most drivers won’t see any additional cost for small dents, scratches, and interior wear. When you’re making your lease payments each month, you’re paying for the depreciation and inevitable wear and tear that happens with a vehicle. We suggest treating your leased model as you would your own car—with respect and excitement. The Heritage Honda Bel Air, Parkville & Westminster team wants you to enjoy your vehicle without fear of normal wear. If something unexpected does happen, we can help you get it repaired, stress-free.
Myth #2: You Can’t Get Out of a Lease Early
You can certainly end a lease early, however, there may be an increased cost to terminate the lease before the end of your term. If you want to end your lease, you can contact the leasing team for details. Depending on how many months you have remaining, we may be able to help you end your lease with minimal or no additional cost. Some leases allow you to transfer your lease prior to the end date, and there are several websites that allow you to transfer your lease. If you want to buy the vehicle you’ve been leasing, sometimes you can end the lease early and begin the purchasing process.
Myth #3: It’s Not as Good of a Deal as Buying
If you find yourself craving the newest technology, trading in your vehicle for the latest model, or wishing you had a different style of vehicle every few years, leasing is a great deal. Unlike financing a car, which can have lengthy terms, vehicle leases usually last between one and three years. For drivers who always want the latest year model, leasing makes the best financial decision. Contact the Heritage Honda Bel Air, Parkville & Westminster team today. We can assess your vehicle needs and habits and help you determine if leasing makes more financial sense for you.
Myth #4: Mileage, Length of Lease, and Price are Not Negotiable
Leases can be tailored to fit your needs and driving habits! Choosing the vehicle you want is just the first step for building a lease that matches your needs. How long you want to lease the vehicle is up to you. Most commonly, leases last between one and three years, but can be extended for up to five years or more. Mileage on a lease will vary to match your annual driving needs. We have everything from low mileage to high mileage lease terms available. If you find yourself going over your mileage limits, you can request additional mileage at a small cost per mile. Lease length, mileage allotment, and other factors will play into the cost of your lease. You are in control to ensure you can meet your budget with these details.
Still not sure if you’d rather lease or finance your next vehicle? The Heritage Honda Bel Air, Parkville & Westminster team can answer all of your questions and help you determine which one would be perfect for you. You can easily shop our inventory online and check out new lease specials to find your next ride.