Lease vs Buy

Dive into Leasing and Buying at Prime Honda - Saco to Find Out Which One is Right for You

If you're in the market for a brand-new Honda model, there are a couple of roads you can take here at our dealership. You can choose to buy or lease your next new Honda at Prime Honda - Saco, so you have a variety of options to explore. Which one is right for you? Both have unique benefits, so there's no wrong answer, but we can help you find the option that makes the most sense for your individual needs at our Honda dealership. 

Explore the Benefits of Leasing & Buying!

 

The Benefits of Leasing

  • Lower monthly payments and down payment
  • More opportunities to drive a brand-new car
  • Easier repairs, thanks to your car being under warranty for the duration of the lease
  • More car for less
  • Easy transition to a new car 
 

The Benefits of Buying

  • Opportunity to accrue more savings and build more equity the longer you keep your car
  • No mileage limits
  • Freedom to customize 
  • No fees for excessive wear and tear
  • Ability to trade your car towards something new

Your Leasing & Buying Questions Answered!

Is leasing a new vehicle a better deal than buying?

Your personal preferences play a large role in determining this. If you don't intend to keep your car for very long, a lease might be the better choice for you. If you think you'll hold on to your car for more than six years or so, buying could be the more cost-effective option.

What is APR?

APR is the annual percentage rate or the annualized rate at which your auto loan accrues interest.

What are residual values?

Residual value describes your vehicle's estimated worth at the end of your lease. This figure factors into determining your monthly payments as well as how much it would cost you to buy your car at the end of your lease, should you choose to do so.

How is sales tax applied to a lease? 

Sales tax can typically be found within your monthly payment and will be applied to the total value of your vehicle. 

How is lease mileage determined? 

Lease mileage is determined through leveraging a mileage close which solidifies a total allotment. 

What is the average lease duration period? 

On average lease durations typically go for either 24 or 36 months depending upon the individual offer and vehicle. 

Is it possible to end a lease early? 

Though it is possible to end a lease early, there can be penalties associated with it. We recommend reaching out to a finance specialist to discuss your options. 

What happens at the end of a vehicle lease term? 

When a lease term is up there are a few different options to choose from. Drivers can turn in their vehicle and decide to take on another lease or decide to buy the vehicle out right. Conversely, you can also turn in your vehicle without making any future commitments as well. 

Are You Interested in Leasing & Buying?

Our Honda dealership is proud to serve drivers in and around the Saco, South Portland, Dayton, Old Orchard Beach, & Scarborough, ME. areas. Our team is ready to help you drive home in the new Honda or used car of your dreams. We're eager to guide you towards the financing or lease option that works best for you, and we look forward to serving you!

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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.