How is Leasing different from Financing?
Lease or Finance Your Next Honda?
At Gary Yeomans Honda, we're here to help you understand the best way to get behind the wheel.
What is Leasing?
Think of leasing as a long-term rental. Instead of paying for the entire value of a new Honda, you're only paying for the portion of its value that you use over a specific period (typically 2-3 years). This simple difference is what makes leasing such an attractive and affordable option for many drivers.
Key Advantage: Affordability
Leasing often comes with lower monthly payments and less money due at signing compared to financing the same vehicle. This allows you to drive a new, well-equipped Honda for a budget-friendly price.
Key Advantage: Flexibility
At the end of your lease, you have options. You can return the car and walk away, lease another brand-new Honda, or choose to purchase the vehicle you've been driving.
Can I Lease a Pre-Owned Vehicle?
Absolutely! At Gary Yeomans Honda, you can get the best of both worlds by leasing a HondaTrue Certified vehicle. It combines the value of a pre-owned car with the benefits and flexibility of a lease.
Watch: Certified Leasing Benefits
HondaTrue Certified Peace of Mind
Every HondaTrue Certified vehicle undergoes a rigorous 182-point inspection and comes with an extended Honda-backed warranty, giving you total confidence in your car's reliability.
Lower Depreciation, Lower Payments
A pre-owned Honda has already passed its steepest depreciation period. This means your lease payments, which are based on this value drop, are significantly lower than a new car lease.
The Smart Alternative: The One-Pay Lease
For those considering a cash purchase, a one-pay lease offers a compelling blend of benefits. Ask our finance team at Gary Yeomans Honda for more details.
What is a One-Pay Lease?
Instead of making monthly payments, a one-pay lease allows you to pay for the entire lease term with a single, upfront payment. This covers the total of all your monthly payments in one lump sum.
Advantage Over a Cash Purchase
With a one-pay lease, you only pay for the depreciation, not the full price. This means a much lower cash outlay and significant savings, often with a better interest rate.
Example: 2025 Honda Accord
Cash Purchase Price: ~$30,000 + tax*
One-Pay Lease Cost: ~$14,000*
*Illustrative example. Actual costs vary.
Frequently Asked Questions
What happens at the end of my lease?
You have three main options: 1) Return the vehicle and walk away. 2) Start a new lease on a brand-new Honda. 3) Purchase the vehicle for its pre-determined residual value. The choice is yours!
Can I end my lease early?
While lease agreements are binding, we understand that situations change. There are options for an early lease termination, such as a lease buyout or transferring the lease. We recommend speaking with one of our finance experts at Gary Yeomans Honda to discuss the best path forward for your specific situation.
What is considered "excess wear and tear"?
Normal wear and tear includes minor scratches or dings that are expected from everyday use. Excess wear and tear refers to more significant damage, such as large dents, cracked glass, torn upholstery, or bald tires. Honda provides clear guidelines at the start of your lease, and we offer a pre-inspection service to help you avoid any surprises.
Do I need a down payment for a lease?
Not always! Many of our lease offers are available with zero down payment for qualified buyers. A down payment (also called a "capitalized cost reduction") can be made to lower your monthly payments, but it is not always required. Our finance team can structure a lease to fit your budget and preferences.