The Basics You Need to Know About Leasing a Vehicle

Many consumers prefer to lease a vehicle as opposed to buying.

Deciding which way you want to go can be tricky.

Here are some basics to help you in your decision-making process.

What is a lease?
The most basic thing to know is what a lease is!

It can almost be categorized as a long-term car rental, though it’s a bit more than that.

You, the lessee, pay money to the bank, the lessor, to use the car. The car actually belongs to the bank.

The agreement is for a set length of time – usually two or three years.

You’re allowed to drive the car for a predetermined amount of miles during that period. Extra miles will cost you extra money.

When the lease is up, you’re expected to return the car in good shape.

If there is too much wear and tear on the vehicle, you’ll be charged a fee for the damages.

Why choose to lease?
There are several main reasons to go with a lease.
  • Lower cost. Typically, a lease will require a lower down payment and have a smaller monthly payment.
  • Less maintenance. Since leased cars are new, they are covered under the factory warranty. The lessee is responsible for oil changes and other routine maintenance, however. 
  • Newer vehicle. When a lease agreement ends, you’ll likely begin a new lease in a new car. This is a big perk if you’re someone who likes to drive around in the newest models.
Getting a good deal
Check out dealership websites frequently to find the best offers.

It’s common for them to have deals that are better than the ones offered by the carmakers themselves.

If you have any questions about leasing, we’re here to help! Give us a call today at Park Honda to discuss our latest deals!


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